RiverRock

What RiverRock does

RiverRock is a London-headquartered alternative investment firm founded in 2009 and majority-owned by CFE Finance Group (a Monaco-based niche credit group controlled by Mario Cordoni). It manages approximately €1.3bn in AUM across four strategies — Direct Lending (RSLF1/RSLF2 in co-investment with ING Bank), Working Capital / Trade Receivables (RDLO), Brownfield Infrastructure (RBIF, via the Exterimmo French platform), and Special Situations / Alternative Credit (ARAC, UK PCP Claims) — and serves exclusively professional and institutional investors (European and Asian insurance companies, banks, pension funds, sovereign wealth funds, and family offices). Products are distributed through Luxembourg-domiciled AIFs regulated by the CSSF, with separate accounts and securitization structures for bespoke mandates, and the firm is explicitly restricted from US persons and retail.

The firm operates a partnership-led origination model built on institutional relationships rather than open-market sourcing: its flagship RSLF platform leverages ING Bank's network of 70 European deal originators (RiverRock overlays its own credit selection on every ING-sourced loan), while RBIF directly originates smaller "Super Core" operational PPPs in the Eurozone with ticket sizes of €1–30m. Technology and process IP is centered on an in-house double ESG rating system and SDG-aligned KPIs that govern exclusionary and best-in-class screening; the firm is a UN PRI signatory with an A rating for Strategy & Governance. Revenue is generated through management fees on committed/invested AUM and performance/carried interest on fund outcomes; current weighted average return on RSLF2 is 9.10%, RBIF distributions have been uninterrupted since inception including through COVID-19, and RSLF1 borrowers required no incremental financing during the pandemic.

RiverRock employs 40+ professionals across offices in London (HQ), Paris, and Madrid, with a broader community of 60+ specialists. Leadership combines blue-chip investment banking pedigree — outgoing Chairman Michel Péretié (former CEO of SocGen CIB and CEO of Bear Stearns International), incoming CEO Luca Di Rico (ex-Magnetar Capital, Racing Capital founder), senior PMs from Lehman Brothers, JPM, BofA Merrill Lynch, and Bouygues — supported by a General Counsel ex-Federated Hermes and Tesco Pension Investment. Recent strategic activity (2024–2025) is concentrated on scaling RBIF via the Exterimmo platform in France, progressing RBIF2 fundraising, and executing the leadership transition.

Name

RiverRock

Legal name

RiverRock European Capital Partners LLP

Website

https://riverrock.eu

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Alternative Asset Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industries

Private Credit — Infrastructure Debt & Project Finance (FSAHAJAJ), Infrastructure Debt Funds (FSANAEAL)

Keywords

• Alternative investment management
• Private credit lending
• Infrastructure equity funds
• ESG integrated investing
• European mid-market financing

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Fund Management Fees: RiverRock generates revenue through management fees charged on its alternative investment funds (RSLF1/2, RBIF1/2, RDLO, ARAC). These are closed-end or open-ended funds targeting institutional investors. Management fees typically charged on committed or invested capital.
2. Performance/Carried Interest Fees: The firm earns performance fees on successful fund outcomes, including carried interest on profits from investments in private debt, infrastructure equity, and special situations strategies.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

RiverRock manages alternative investment funds providing direct lending to European mid-market companies, infrastructure equity investments in operational PPP projects, working capital/trade finance solutions, and specialty finance opportunities (including UK PCP Claims). Funds are structured as Luxembourg-domiciled AIFs, separate accounts, and securitization vehicles, and are distributed exclusively to institutional and qualified investors.

Product overview

RiverRock is an alternative investment firm offering a diversified portfolio of investment strategies and services across European private markets. The company provides four core investment strategies: Corporate (Direct Lending to mid-market companies), Infrastructure (Real Assets/PPP projects), Speciality Finance (Receivables and asset-based lending), and Special Situations (Specialty credit opportunities). Key products include RSLF1 and RSLF2 (senior secured lending partnerships with ING Bank), RBIF (brownfield infrastructure equity), RDLO (direct lending opportunities), ARAC (absolute return alternative credit), and UK PCP Claims. Services encompass direct lending to SMEs, working capital solutions via trade finance, and real assets investment in infrastructure and real estate. All strategies incorporate ESG criteria and are offered via AIFs, separate accounts, and securitization structures.

Differentiator

Problem solved

Functional benefit

Brands

• RSLF2 (RiverRock Senior Loan Fund II): Joint venture with ING Bank focusing on senior secured loans to European mid-market companies
• RBIF (RiverRock Brownfield Infrastructure Fund)
• RDLO (RiverRock Direct Lending Opportunities Fund)
• ARAC (RiverRock Absolute Return Alternative Credit Fund)
• Exterimmo

Products and services

• RiverRock Senior Loan Fund I (RSLF1) Closed-end senior-secured loan fund structured as a co-investment partnership with ING Bank, providing acquisition finance to European mid-market companies. Available only to Professional Investors; targets a 4.50% return through senior-secured European loans.
• RiverRock Senior Loan Fund II (RSLF2) Continuation fund of RSLF1 co-investing with ING Bank in senior secured loans to large European mid-cap corporates through club deals. 9-year term, targeting Euribor + 450-550bps (8-10% range) with a current weighted average return of 9.10%.
• RiverRock Brownfield Infrastructure Fund (RBIF) Closed-end Luxembourg-domiciled, CSSF-regulated infrastructure equity fund targeting small-cap operational PPP projects in the Western Eurozone with government-backed cash flows. 15-year term with ticket sizes of €1-30m, investing in social services and transportation sectors.
• RiverRock Direct Lending Opportunities Fund (RDLO) Open-ended asset-based lending strategy investing in receivables backed by sovereign and comparable credit quality entities in the Eurozone. Targets short-duration, self-liquidating receivables and has financed and collected €1.6bn in receivables across Europe since 2016.
• RiverRock Absolute Return Alternative Credit Fund (ARAC) Partnership with CFE investing in corporate private debt of public and private companies in essential sectors or infrastructure projects. Article 8 SFDR compliant, targeting 6M Euribor + 8.0% per annum with 5% first-loss protection.
• UK PCP Claims Special situations investment in motor finance claims under the FCA Redress Scheme. Offers Senior Notes with security over underlying claims, targeting uncorrelated returns of 15% per annum net of fees, with up to 20% first-loss protection via Junior Notes.

Quantifiable outcome

• RSLF1 demonstrated strong COVID-19 resilience with no borrowers requiring additional debt financing and majority of portfolio outperforming post-lockdown sales and EBITDA expectations; valuations ranged between 100-100.50% throughout.
• +3 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core, minor and flagship.

• Serena Industrial PartnerscoreStrategic or Co-development Partner · 14 April 2025Serena Industrial Partners (infrastructure asset manager) and RiverRock formed a consortium to acquire four French operational PPP projects in education from Demeter 4 Infra. Serena executed via Serena Infra SCSp; RiverRock entered through a co-managed vehicle. All projects are operational PPPs with Eiffage as industrial partner.
• HimilconminorStrategic or Co-development Partner · 1 January 2024Himilcon is an existing shareholder partner alongside GED Capital in Eliance. RiverRock acquired a large minority stake alongside existing shareholders including Himilcon and the management team led by CEO Juan Carlos Martínez Saiz.
• ING BankflagshipStrategic or Co-development Partner · 1 January 2023ING Bank serves as the exclusive co-investment partner for RiverRock's Senior Loan Fund (RSLF1 and RSLF2). ING provides deal origination across their European network of 70 deal originators; RiverRock overlays its own credit selection process on every ING origination. The partnership enables access to large mid-cap European borrowers typically held in bank clubs and inaccessible to alternative debt providers.
• Horizon Equity PartnerscoreStrategic or Co-development Partner · 1 January 2023Horizon Equity Partners and RiverRock co-acquired an 89.2% stake in Euroscut Azores (shadow toll road in Azores, Portugal) through Horizon's Follow-On Fund (65%) and RiverRock's RBIF1 (35%). Both firms specialize in infrastructure investments in Europe.
• Eiffage (Industrial Partner for French PPPs)coreStrategic or Co-development PartnerEiffage acts as the industrial partner for the four French PPP projects acquired by the Serena-RiverRock consortium. Eiffage will continue providing operation and facility management of these projects until the end of the PPP contracts, with back-to-back contractual obligations transferred.
• Exterimmo (RBIF-backed French platform)coreStrategic or Co-development PartnerExterimmo is a wholly-owned French subsidiary of RiverRock Brownfield Infrastructure Fund 1. It serves as the platform for managing French infrastructure assets including PPP aquatic centers, educational facilities, and the Paris Zoo. It manages 10 projects/stakes in France.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Capzanine: Paris-based European private debt manager serving mid-market companies with flexible capital solutions. Comparable fund structure, borrower profile, and ESG integration approach.
• Muzinich & Co: Global private credit firm with strong European direct lending franchise serving insurance companies and pension funds. Comparable institutional client base and senior-secured loan origination model.
• AnaCap Financial Partners: European specialist private credit investor focused on mid-market lending, specialty finance, and fintech. Highly comparable business model and European institutional client base.
• Tikehau Capital: Paris-based alternative asset manager with substantial European private credit and infrastructure debt offerings. Comparable to RiverRock across both direct lending and infrastructure strategies.
• Pemberton Asset Management: European mid-market direct lending specialist with similar institutional LP base and senior-secured loan strategy. Closely comparable to RiverRock's RSLF platform in borrower profile and fund structure.
• Hayfin Capital Management: London-headquartered direct lending and private credit manager focused on European mid-market companies. Highly comparable to RiverRock's RSLF strategy on geography, target borrower profile, and senior-secured loan focus.
• Kartesia: European mid-market private debt manager headquartered in Luxembourg. Directly comparable on target borrower profile, fund domicile (Luxembourg CSSF-regulated), and institutional LP base.

Broad incumbents

• Swiss Life Asset Managers: Major European institutional investor and infrastructure asset manager. Both a strategic counterparty to RiverRock (acquired majority stake in Eliance) and a peer in European infrastructure equity strategies.
• Intermediate Capital Group (ICG): Large listed alternative asset manager with significant European direct lending and infrastructure debt funds. Wider platform scale than RiverRock but overlapping strategy and LP base.
• CVC Credit Partners: Established European credit platform within CVC's broader alternatives business. Comparable direct lending strategies but operates at materially larger AUM scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/3177275
• Xx.com/riverrockecp
• Facebookfacebook.com/RiverrockEcp

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RiverRock