Two senior dealmakers from KKR have launched a new European private credit firm that plans to kick off formal marketing efforts for its first fund later this year, according to people with knowledge of the matter.

Marc Ciancimino, KKR’s former head of European credit, and his colleague Cristobal Cuart set up All Seas Capital Partners earlier this year and are in the early stages of pitching the fund to prospective investors, the people added.