Last week, we completed the third successful Private Credit exit of the year, delivering a gross return of 1.5x cash multiple and 11% IRR to our investors. On the fundraising side, we will launch our Senior Lending Fund V with a first closing in Q3 2026. A timely second closing is planned towards the end of the year, while we are also working in parallel on tailored mandate solutions for large institutional clients.
Three successful exits of non-sponsored portfolio companies since the beginning of the year
Since the beginning of 2026, we have recorded three successful exits. The target returns were achieved or exceeded, with very consistent gross IRRs ranging between 10% and 11%. All three companies developed very well operationally during our investment period and are based in our core markets: one company each in Germany, Switzerland, and the Netherlands. Notably, all three companies are positioned in the non-sponsored segment, making them significantly less dependent on the activity level of the M&A market. The balanced diversification of our Private Credit portfolios across the two segments, “sponsored” and “non-sponsored”, is again proving to be very robust and beneficial in the current market environment.
Fundraising update
To build on this strategy, Patrimonium is launching Senior Lending Fund V, a closed-end fund structured as a Luxembourg SICAV-SIF. The fund aims to raise EUR 1bn in commitments and will continue to focus on senior secured loans to mid-sized companies in the DACH region. Patrimonium typically acts as sole lender, financing established businesses, often owner-managed industrial companies operating in niche markets.
The investment approach combines cash-flow-based lending with asset-backed protection through tangible assets such as machinery and real estate. Relying on the experience from more than 110 investments over the past 15 years, the fund will continue to focus on a disciplined credit process that includes covenant-protected lending and a balanced mix of sponsored and non-sponsored transactions.
This can offer valuable diversification for global and pan-European Private Debt portfolios, which often have more limited exposure to the DACH market and tend to focus on larger sponsor-backed companies.
Patrimonium Middle Market Debt Fund
Patrimonium Middle Market Debt Fund (“PMMDF”) is an alternative investment fund (AIF) under Luxembourg law that is established as an investment company with variable capital – specialized investment fund (SICAV-SIF) in the form of a Luxembourg société en commandite par actions (SCA) and consists of several sub-funds (“compartments”) that are managed independently of each other. The PMMDF and its compartments are only accessible to investors who qualify as professional clients.
The Managing General Partner is Patrimonium Middle Market S.à r.l., 8 rue Lou Hemmer, L-1748 Senningerberg. The management company/AIFM is Waystone Management Company (Lux) S.A., 19 rue de Bitbourg, L-1273 Luxembourg. The portfolio manager of the compartments is Patrimonium Asset Management AG, Baar (Switzerland).
The prospectus, the latest annual report and other documents relating to the PMMDF can be obtained free of charge on request from the management company/AIFM in Luxembourg and from the representative in Switzerland.
Representative in Switzerland is Acolin Fund Services AG, Cours de Rive 6, 1204 Geneva. Paying Agent in Switzerland is Banque Cantonale de Genève, 17 Quai de l’Ile, 1208 Geneva.Patrimonium Asset Management AG
Patrimonium Asset Management AG (“Patrimonium”) is a fund management company authorised by the Swiss Financial Market Supervisory Authority (FINMA), specialised in private markets. Patrimonium offers investment opportunities in real estate, private credit, private equity and infrastructure to qualified and professional investors. Patrimonium manages CHF 5.5 bn in assets (06.2026) with 70 professionals with offices in Lausanne, Zurich and Zug. www.patrimonium.ch