Arini set to close of debut European direct lending fund at $4bn

Arini Capital Management is on track to finalize its inaugural European direct lending fund, targeting a $4 billion capital raise, according to Bloomberg. The private credit vehicle, managed by Arini, began fundraising in March 2025 through a partnership with Lazard, which granted the firm access to the investment bank's European advisory and origination networks.

British Columbia Investment Management Corporation (BCI) provided an initial anchor commitment of $200m and pledged to invest an additional $400m in co-investment opportunities. Over $3 billion has already been secured, with the fund anticipated to reach its $4 billion target before the year's end, 2026. The strategy focuses on direct lending to European middle-market businesses, with a particular emphasis on senior secured lending.

Currently, the fund has no exposure to the software sector, which has drawn heightened scrutiny due to recent advances in artificial intelligence. Investor materials suggest that the fund has achieved a net internal rate of return of around 13% since its inception, aligning closely with its projected 12% to 14% return range. Arini Capital Management, established in 2021 by former Credit Suisse trader Hamza Lemssouguer, now manages more than $20 billion across public and private credit strategies.