HarbourVest Partners, a global private markets investment firm, has established a dedicated credit secondaries investment team. It will be led by Greg Ciesielski from the firm’s secondaries team, and Sean Gillespie from the credit team.
The move reflects the firm’s belief that the private credit secondaries market is a segment of private markets which continues to be undercapitalised. The global private credit market surpassed $1.6tn in 2024, yet only $6.8bn of global secondaries dry powder is currently allocated to credit transactions.
HarbourVest’s global credit secondaries strategy will span both LP-and GP-led transactions and integrate with HarbourVest’s broader credit platform, which includes primary, direct, and secondary opportunities. The firm says this approach will allow it to deliver diversified exposure across geographies, strategies, and managers. The firm seeks to structure transactions that complement primary credit allocations by offering access to diversified portfolios with enhanced transparency and shorter time horizons.
