DLA Piper has advised Claret Capital Partners Limited on the first closing of a Luxembourg-based alternative investment fund focused on European businesses.

DLA Piper recently advised Claret Capital Partners Limited (Claret), a London-based Pan-European growth capital provider, on the structuring, setting up and launching of its fourth-generation fund “Claret European Growth Capital Fund IV”. The fund will invest through secured growth loans in fast growing innovative companies located throughout Europe, with an emphasis on Northern and Western Europe. Target sectors include software, E-commerce, medical devices, biotech, energy efficiency, electronics, internet, diagnostics and specialty pharmaceuticals.

DLA Piper assembled a multi-jurisdictional and multi expertise team to support Claret on their negotiations with major development financial institutions and leading institutional investors, which resulted in a successful first closing of the fund. The fund will cement Claret’s position as one of the largest independent managers of growth loan funds in Europe with one of the longest track records. This is one of largest first closes of 2024 in the growth lending space in Europe.

The DLA Piper team was led by Partner Catherine Pogorzelski and Counsel Marceau Visano. They were assisted by Funds Associate Johanna Fournier, Partner Luis Muñoz and Senior Associate Cyril Poels from the Tax team. The UK-based team included Partners Stuart Murdoch and Sam Whittaker, Legal Director Winnie Chan, Associates Rory Milkova and Mary Husser, who advised on the UK fund and corporate aspects of the aggregator. UK Tax Partner Michael Graham advised on the UK fund, aggregator, carried interest and management fee structuring.

Catherine Pogorzelski comments on the deal: “We are proud to leverage our cross-jurisdictional and cross-practice capabilities to support Claret in achieving the first close of their new fund. Structuring and launching such a fund require seamless collaboration among all stakeholders. It was a pleasure working with Claret’s team, and we are excited to contribute to their continued success.”