Key Takeaways
- • Ares has raised $3.6 billion (€3.3 billion) for its newest credit secondaries fund, one of the largest transactions ever in the market for second-hand credit stakes, according to Bloomberg.
- • Coller EQT led the round, which closed in early November 2026.
- • The vehicle is a continuation fund that moves 24 assets from an older Ares direct lending fund into a new vehicle raising fresh capital, giving original investors a liquidity path.
- • The loan portfolio originates from Ares Capital Europe Fund IV, which closed at €6.5 billion in 2018; per a person familiar with the matter, its investors received roughly 150% of initial investment.
- • Private-credit secondaries volume reached $20 billion in the first half of 2026, already above the full-year 2025 total, per NEPC.
Summary
Ares Management has raised $3.6 billion (€3.3 billion) for its newest credit secondaries fund, according to Bloomberg, placing the vehicle among the largest transactions in the market for second-hand credit stakes. Coller EQT led the round, which closed in early November 2026.
The structure is a continuation fund. Twenty-four assets are being shifted from an older Ares direct lending fund into a new vehicle that raises fresh cash. This gives investors in the original fund a way to exit when deal activity is slow, while allowing the manager to retain selected portfolios. The loan portfolio comes from Ares Capital Europe Fund IV, which closed with €6.5 billion in 2018. According to a person familiar with the matter, investors in that fund received roughly 150% of their initial investment.
The transaction reflects a broader trend. Most credit secondary deals are driven by managers raising continuation vehicles to hold loans made to private equity-owned companies, a segment constrained by a slowdown in M&A activity. Per NEPC, private-credit secondaries volume hit $20 billion in the first half of 2026, already exceeding the full-year 2025 total. The raise signals Ares extending beyond traditional lending into liquidity solutions for limited partners.
The structure is a continuation fund. Twenty-four assets are being shifted from an older Ares direct lending fund into a new vehicle that raises fresh cash. This gives investors in the original fund a way to exit when deal activity is slow, while allowing the manager to retain selected portfolios. The loan portfolio comes from Ares Capital Europe Fund IV, which closed with €6.5 billion in 2018. According to a person familiar with the matter, investors in that fund received roughly 150% of their initial investment.
The transaction reflects a broader trend. Most credit secondary deals are driven by managers raising continuation vehicles to hold loans made to private equity-owned companies, a segment constrained by a slowdown in M&A activity. Per NEPC, private-credit secondaries volume hit $20 billion in the first half of 2026, already exceeding the full-year 2025 total. The raise signals Ares extending beyond traditional lending into liquidity solutions for limited partners.
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