Citigroup (C) and BlackRock's (BLK) HPS Investment Partners are launching a 15 billion euro ($17.48 billion) private capital program to expand access to private financing for corporate and sponsor-owned borrowers in the Europe, the Middle East and Africa region, the companies said Monday.

Under the program's initial five-year term, Citi will source investment opportunities for borrowers with principal business based in the UK, continental Europe and, eventually, the Middle East, the companies said.