Bain Capital has partnered with Sumitomo Mitsui Banking Corporation (SMBC) to launch a new European loan platform providing up to €1.5bn in senior secured credit to sponsor-backed firms across the continent.

The firms will jointly govern the new vehicle, which brings together Bain Capital’s special situations and credit businesses.

Bain said that the venture combines SMBC’s origination and structuring expertise with its underwriting and asset management capabilities.

Japan-headquartered SMBC has one of the largest leverage finance platforms in the European market and acted as bookrunner on over 60 leveraged loan deals in 2024. Bain said that the partnership leverages SMBC’s position as an arranger of leveraged finance transactions, giving the platform access to primary deal flow in the syndicated loan market.

“This partnership with SMBC represents a pivotal moment for our special situations business in Europe,” said Angelo Rufino, a partner and head of Bain Capital corporate special situations in Europe. “It highlights our ability to engineer large-scale and innovative platforms with leading global partners and to underwrite complex capital structures that perform across market cycles.”

Gauthier Reymondier, a partner and head of Bain Capital’s credit business in Europe, added: “This structure gives us direct access to primary origination through a globally respected bank, while maintaining full underwriting control.

“It also positions both institutions as solution providers to financial sponsors seeking capital across market environments.”

Bain Capital is a private markets investment firm with $205bn in assets under management.