Incus Capital Holds First Close of €800 Million European Credit Fund V, Raising 50% of Target

MADRID, Oct. 2, 2025 /PRNewswire/ -- Incus Capital (Incus), the Madrid-based real assets private credit specialist, announces the first close of its European Credit Fund V (Fund V), securing 50% of the fund´s target size in closed and committed capital. The fund is targeting €800 million, with a hard cap of €1 billion.

Fund V received strong support from a diversified investor base, including a significant number of repeat commitments from prominent institutions in North America and Europe. The fund also attracted new commitments from leading insurance companies, pension funds, global consultants and family offices, reinforcing continued interest in Incus' differentiated investment strategy.

Martin Pommier, Partner of Incus, said: "We are grateful for the continued trust from our long-standing investors and are delighted to welcome new, high-quality institutions to our latest flagship fund series. We are pleased with this significant first close for Fund V. The strong investor demand demonstrates the confidence investors place in our record of delivering consistent returns across our funds."

Investors view Fund V´s asset-based lending (ABL) approach as having the potential to generate attractive returns with strong downside protection, complementing more traditional direct lending portfolios. The ABL market is significantly larger than the underlying direct lending market. The direct lending market is expected to reach €1.5 trillion in 2025, while the ABL market is currently estimated at more than €6 trillion globally¹. Despite this, the number of private capital firms focusing on ABL remains quite small in comparison to direct lending.

Andrew Newton, Founder and Managing Partner of Incus, said: "The European landscape continues to be poorly served by capital providers and the opportunity for ABL funds today is overwhelming. The appetite for Incus' customized credit strategy is stronger than ever, reflecting the broad acceptance of alternative financing for European mid-market companies. Our newly launched Fund V program allows us to invest across a diverse sector of real asset classes." 

Fund V is positioned to capitalize on a robust pipeline of attractive opportunities across infrastructure, real estate, and alternative assets, supporting companies and projects with flexible solutions while targeting strong risk-adjusted returns.

Incus recently closed a number of investments in the European mid-market, including:

• €55 million financing to a leading self-storage platform with 10 locations and 50,000 square meters in Portugal
• €45 million senior loan to sponsor backed 5-star hotel & high-end residences in Courchevel 1850, France
• €90 million facility to a leader in water management in the Valencia region of Spain
• €60 million financing for a market leader in campsite operations across Iberia

About Incus Capital
Founded in 2012, Incus Capital is a real assets investment firm with offices in Madrid, Lisbon, Milan, Paris, Frankfurt and Luxembourg. Incus provides flexible capital solutions to mid-market companies in Europe with a focus on infrastructure, real estate and alternative assets. The firm's investment strategy includes a strong focus on downside protection with target investment sizes between €25 million to €60 million. Incus Capital acts as the investment advisor to funds with €3 billion in assets under management. For further information, visit www.incuscapital.com or watch Incus Capital 2025 AGM

¹ 2024 EY, Pitchbook and Preqin

Media Contacts:
Kathy Panagopoulos, [email protected], +1 773-710-7433
Margaret Kirch Cohen, [email protected], +1 847-507-2229 

SOURCE Incus Capital