Claret Capital raises $650M for fourth debt fund to back European startups

The total includes €440 million in Fund IV commitments and €135 million through an affiliated discretionary mandate. The fund received backing from pension funds, insurance companies, family offices, institutional investors and private wealth investors.

With this fundraise, Claret’s total capital raised since its launch has reached €1.3 billion. Since 2013, the firm has invested more than €1.5 billion across over 210 companies in technology, life sciences and impact sectors.

Fund Already Invested in 27 Companies

Claret said 32% of Fund IV has already been deployed, supporting 27 companies. Its portfolio includes Billie, Cinclus Pharma, PRODA, Inventiva and Surfe.

The fund provides debt financing ranging from €2 million to €100 million. The capital can be used for business expansion, acquisitions, research and development, working capital, marketing, geographical expansion and extending cash runways.

Expand Across Europe

Claret completed the second close of Fund IV in September 2025, when commitments crossed €350 million. In May 2023, the firm also launched a €72 million Opportunity Fund to provide additional funding to high-performing portfolio companies.

Fund III closed in 2022 with €297 million in commitments and has since supported several successful exits, including Cytora, Endomag, Logpoint, Lyst and Tiqets, along with Abivax’s NASDAQ IPO.

Following the latest fundraise, Claret plans to expand its presence across major European innovation hubs, with team members already based in Paris and plans to establish a presence in Berlin.

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