Secondaries specialist Coller Capital has completed a $1.3 billion continuation fund transaction, extending the life of a 2018-vintage private credit portfolio managed by Ares Management Corp, according to a report by Bloomberg.
The deal transfers a portfolio of first-lien, floating-rate loans to sponsor-backed middle-market companies into a new vehicle that will remain under Ares’s management.
Continuation funds have become an increasingly popular tool for private credit managers, allowing investors to roll over stakes rather than selling at a discount. The market for credit secondaries is one of private credit’s fastest-growing segments, nearly doubling in 2025 to $20 billion in annual transaction volume, up from $10.9 billion in 2024, according to Evercore.
The transaction follows a string of high-profile credit secondaries activity, including Coller’s $3bn partnership with TPG Twin Brook Capital Partners and Ares’s own $7.1bn private credit secondaries launch earlier this year.
