Crescent Capital and Pantheon have announced the $3.2bn (£2.4bn) close of a private credit continuation vehicle, marking what they described as the largest transaction in the market to date.
Allianz Global Investors co-led the transaction, alongside investments from Hamilton Lane, Dawson Partners, Ares Credit Secondaries funds and Antares Capital.
Led by private markets investor Pantheon, the transaction represents the largest credit continuation vehicle deal in the private credit secondaries market so far, according to the firms.
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“This transaction demonstrates our unwavering focus on delivering strong outcomes for our investors while also capitalising on innovations in the secondaries market to offer investors optionality for managing liquidity,” said Chris Wright, president of Crescent, a global credit investment manager with approximately $50bn in assets under management.
The vehicle, Crescent Credit Solutions VII CV, was established to acquire a portfolio of sponsor-backed loans, securities and other equity interests from Crescent Mezzanine Partners VII, a 2016 vintage fund.
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“We are delighted to have partnered with Crescent on this landmark transaction, which represents another milestone in the evolution of the credit secondaries market and continues Pantheon’s leadership and innovation in GP liquidity solutions,” said Rakesh Jain, global head of private credit at Pantheon. “We believe our scale, structuring expertise, and partnership-oriented approach supported a mutually beneficial outcome for all stakeholders.”
The news comes as Ares Management raised $7.1bn for its credit secondaries strategy last week, marking its largest inaugural fundraise to date.
