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Laxman Pai, Opalesque Asia: Antares Capital and Ares Management Corporation announced the closing of the former's maiden continuation vehicle, with over $1.2 billion in commitments, representing Ares' largest credit secondary investment to date.
The transaction was led by Ares Credit Secondaries funds, along with a commitment from Antares, stated a joint press release.
The continuation vehicle was established to purchase assets and limited partner interests from two comingled private credit funds comprising over 100 underlying first lien, floating rate loans originated and managed by Antares, the Chicago-based private credit firm backed by Canada Pension Plan Investment Board (CPPIB).
The vehicle provided existing investors with an attractive liquidity option while offering new investors exposure to quality Antares-originated private credit assets, the release added.
"This transaction underscores our strong, long-standing partnership with Ares and our shared commitment to providing quality private credit opportunities," said Vivek Mathew, president of Antares Capital Advisers. "It also marks an important step in expanding the Antares platform and delivering new liquidity solutions to our investors."
Continuation funds have become increasingly popular in the private equity market in recent years, as PE managers increasingly turn to the secondary market to extend holding periods of assets amid a sluggish exit environment. This tr...................... To view our full article Click here
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