Arini Nears $4bn Close for First European Direct Lending Fund

Arini Capital Management is nearing a final close of about $4 billion for its first European direct lending fund, having secured more than $3 billion in commitments so far, including a $200 million anchor from the British Columbia Investment Management Corporation. The fund is expected to reach its roughly $4 billion target before the end of 2026, according to people familiar with the fundraising. The fundraising is private and participants requested anonymity. Arini did not respond to requests for comment.

The firm began marketing the strategy in March 2025 after forming a sourcing partnership with Lazard, which provides access to the bank’s European advisory and origination relationships across the middle market.

The vehicle offers direct financing to European middle-market companies across the capital structure, with a particular focus on senior secured loans. Investor materials show the fund has delivered a net internal rate of return of about 13 percent since inception, within its targeted 12 percent to 14 percent range. The current portfolio has no exposure to software, a sector that has faced closer investor scrutiny as advances in artificial intelligence have raised questions about the durability of some software business models.

BCI led the fundraising with a $200 million anchor commitment and in June 2025 indicated it intended to allocate at least a further $400 million to co-investment opportunities alongside the fund. The co-investment arrangement allows BCI to deploy additional capital into individual transactions alongside the pooled vehicle.

Arini was founded in 2021 by Hamza Lemssouguer, formerly a trader at Credit Suisse. The manager has expanded its platform to more than $20 billion in assets under management across public and private credit strategies. At roughly $4 billion, the fund would be among the largest debut private credit funds launched in Europe.

Fund materials highlight sourcing relationships and co-investment options as central elements of the fundraising effort.