Claret Capital raises €575M to back European tech and life sciences beyond equity dilution
Tech Funding News Sofia Chesnokova ● Covered by 2 sources
Claret Capital raised €575M for its fourth growth debt fund. It’s big non-dilutive money for European tech and life sciences, with more room to grow without selling equity.
Based on reporting by Tech Funding News, Sofia Chesnokova — read the original for the full story.
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Claret Capital Partners has closed its fourth flagship growth debt fund at €575 million, topping a €500 million target and making it the largest independent manager of growth debt funds in Europe. The London-based firm says the new vehicle, Claret European Growth Capital Fund IV, includes €440 million in direct commitments and €135 million from affiliated discretionary mandates.
More than 90% of the capital comes from institutional investors. That group includes European and North American pension funds, two European banks, and sovereign-linked lenders such as the European Investment Fund, the British Business Bank, Germany’s KfW, and Ireland’s ISIF. Claret also raised €70 million through Banca March, using an ELTIF structure aimed at high-net-worth individuals, while family offices and direct investments by entrepreneurs make up the remaining slice.
The pitch is simple: lend to companies as they grow, then keep lending instead of forcing them back into the fundraising cycle. Managing partner David Bateman says Claret often starts with loans of €2 million to €5 million and expands exposure over time. Open Cosmos, a satellite launch company split between the UK and Spain, began with €3.2 million and has since taken more than €50 million as revenue climbed from €2 million to more than €50 million a year. HOLIDU followed a similar path, moving from an initial loan of between €4 million and €5 million to more than €100 million.
Claret backs technology, life sciences and impact businesses, with names in its portfolio including Butternut Box and Cinclus Pharma. The next push is toward deeptech, semiconductors and dual-use technology tied to defence applications, alongside more AI if that’s where venture capital keeps flowing. Bateman says the firm looks for businesses already in the market, founders who have shown they can deliver, and a cap table built for long-term growth rather than a quick sale. Claret now has 31 employees, plans to add one more by October, will open a Paris office in late 2025, and expects to hire in Berlin before the end of 2026.
My take — AI-written commentary, not fact-checked reporting
This is the kind of boring finance that actually matters: debt without the whole equity circus. Europe keeps talking about funding growth, and Claret is basically saying founders can have capital without handing over the family silver each round. Sensible, slightly unglamorous, and exactly why it keeps getting invited back.
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