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Laxman Pai, Opalesque Asia:

European private credit specialist Park Square Capital has raised €3.4 billion ($3.8 billion) for a new direct-lending vehicle, a 50% increase over the previous vintage.

The European Loan Partners II Program includes a joint venture with Sumitomo Mitsui Banking Corp (SMBC). It will lend to private equity-owned mid-market businesses across Europe.

"The joint venture between Park Square and SMBC is one of the most successful partnerships between a bank and a private credit fund in Europe, having made more than 50 joint transactions since the first fund launched in 2017," said a media release from the private debt firm.

The Programme attracted a broad mix of investors, including commitments from sovereign wealth funds, pension funds, insurance companies, and private wealth investors across Europe, the US, and Asia, from new and existing investors.

"We would like to thank our investors for their strong support and confidence. There continues to be a significant pipeline of mid-market opportunities in the direct lending space in Europe, and we are primed to capitalize on our track record of supporting companies across market cycles and delivering attractive returns to investors," said Robin Doumar, Managing Partner at Park Square.

As per the release, the European Loan Partners II Programme takes sole and lead lender positions in European mid-market businesses, focusing on direct, senior secured, and unitranche loans.

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