Coller Capital, one of the world’s largest investors dedicated to private market secondaries, and private equity and credit firm Abry Partners, have closed a $1.6bn GP-led transaction to create a continuation vehicle for Abry Advanced Securities Fund III (ASF III).
The continuation vehicle, which is designed to provide full liquidity to Abry’s existing investors and will provide new and continuing investors the opportunity to seed Abry Partners’ new private credit strategy, is the largest credit continuation vehicle ever created.
ASF III is a diversified portfolio majority comprised of first lien broadly syndicated loans to US companies. As of the Dec-23 reference date there were over 240 positions across more than 210 unique underlying companies. Following the transaction, Abry will continue to actively manage the portfolio of broadly syndicated loans. The Fund will also originate new investment opportunities with strategic investments into private debt.
Coller Capital has over $33bn in AuM and offices in London, New York, Zurich, Hong Kong, Beijing, Seoul, Luxembourg and Melbourne. With a 34-year track-record of value creation and innovation in the secondary market, Coller Capital has established itself as one of the world’s leading investors in secondary market private assets since its founding in 1990.
Campbell Lutyens acted as exclusive financial advisor to Abry, with Kirkland & Ellis serving as Abry’s legal counsel. Debevoise & Plimpton LLP served as legal counsel for Coller Capital.
