Thornhill advised Halcyon Credit Partners on the final close of its fifth Direct Lending fund, which closed at €15bn, exceeding its original fundraising target. The close comes against a backdrop of a more selective private credit fundraising environment, and reflects continued institutional demand for established managers with a demonstrated track record across market cycles.

Our Private Capital team advised on all aspects of the fundraising, including the structuring of parallel and feeder vehicles to accommodate Halcyon's diverse international investor base and the negotiation of terms with a number of cornerstone and anchor investors. The team also worked closely with Thornhill's Tax and Financial Services Regulation practices to manage the cross-border regulatory notifications required to market the fund across multiple jurisdictions.

Eleanor Vance, who led the Thornhill team on the matter, said: "Halcyon's fifth fund closing at €15bn, ahead of target, speaks to the strength of their platform and the discipline of their fundraising process. It's a structure we expect will serve as a template for their future funds."