Viola Credit has launched a Europe-dedicated growth-lending fund with a €300 million target and held a first close. The British Business Bank and the European Investment Fund led the limited partners. The size of the first close was not disclosed.
The vehicle, Viola Credit European Growth Lending Fund, is intended for up to 50 sponsor-backed technology companies in the UK and Western Europe. Reuters reported average tickets of €10 million to €15 million. Sectors named are enterprise software, AI, fintech, cleantech and healthtech.
Neha Mittal, Managing Director and Head of Europe at Viola Credit, said the British Business Bank and the EIF were new investors in the strategy. Adam Kelly, Managing Director and Co-Head of Funds at the British Business Bank, said the commitment would support scale-ups in AI, fintech, cleantech and healthtech. Marjut Falkstedt, Chief Executive of the EIF, said the fund would help fill gaps left by traditional finance.
Viola Credit is a global alternative credit manager that said it had $4 billion of assets under management. The European growth-lending strategy sits on a platform that has already lent to technology companies in the UK, Europe, Australia and Israel through earlier vintages. Reuters said the launch came weeks after Viola raised $2 billion for a global asset-backed lending fund.