Private market secondaries manager Coller Capital has acquired a $1.6bn senior direct lending portfolio from multiline US insurer American National, marking the largest ever LP-led credit secondaries transaction focused on a senior direct lending portfolio.
The transaction will see Coller Capital acquire LP positions in 44 US credit funds that are primarily focused on senior direct lending. The portfolio focuses on first lien and unitranche loans to mid-market companies and, at acquisition, was diversified across over 3,000 loans and nearly 1,500 borrowers – the majority US based.
Coller Capital was approved to buy all funds by the underlying GPs.
Jefferies acted as adviser to American National, with Debevoise and Plimpton serving as legal counsel. Akin Gump Strauss Hauer & Feld and Simpson Thacher & Bartlett served as legal counsel for Coller Capital.
In 2024, Coller Capital announced the closing of a GP-led transaction to create a continuation vehicle for Abry Advanced Securities Fund III. The GP-led transaction represented the largest credit continuation vehicle ever created with $1.6bn of assets.
Since the launch of its CIP V fund in 2007, credit has been a core strategy for Coller Capital. In 2021, the firm launched its first dedicated credit fund – Coller Credit Secondaries – Opportunities Fund I – which was the largest fund dedicated to private secondaries credit of its time.
