Hayfin’s fundraising for its fifth direct lending fund is above its €8bn-€10bn target range, according to 9fin sources.
The vehicle will be deployed across Europe, the sources said.
Appetite for the fund has been strong due to Hayfin's lower exposure to over-levered tech deals, the sources said, which has become a key differentiator for LPs amid a broader selloff in software credits driven by AI disruption fears.
The fund marks a step up from Hayfin's fourth direct lending vehicle, which closed in August 2023 having exceeded its €6bn target. That fund represented the firm's record fundraise at the time, surpassing the roughly €5bn raised for its third vintage in 2020.
Through its direct lending strategy, Hayfin originates and invests in performing senior secured loans primarily to European middle-market and upper-middle-market companies. The firm self-originates opportunities through local sourcing teams across 13 offices globally and sector-specialist teams.
Hayfin ranked fourth in terms of deal count in 9fin’s Q4 25 Private Credit Lender Rankings EU.
Hayfin was part of a €2bn private bond deal led by ICG in November 2025 to refinance French funeral services firm Funecap. In December 2025, Hayfin and ICG provided a debt package to support Archimed’s takeover of French healthcare diagnostics firm Stago.
In September 2025, Hayfin brought another minority investor on board with Samsung Life acquiring a stake in the business. The Seoul-based insurer joined Mubadala Investment Company and AXA IM Prime, who joined as minority shareholders in Hayfin in July 2025.
Hayfin declined to comment.
