Ares Credit Secondaries, which has yet to announce a final close, held its interim closing at $1 billion last year.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The strategy will target both GP-led and LP-led transactions, with an emphasis on secured exposure to asset-backed businesses.
"The successful launch of our Credit Secondaries Fund reflects growing investor demand for dedicated private credit secondary solutions," said CIO Fred Pollock.
The AllianzGI-managed vehicle focuses on senior debt opportunities across the US, Europe, and Asia, a spokesperson told SecondaryLink.
The reported push places the New York-based firm among a growing list of managers looking to capitalize on the $30 billion opportunity.
StepStone Credit Opportunities Fund II, which focuses on secondaries and co-investments, is 2.6x the size of its 2022 predecessor.
Following Coller's recent acquisition by EQT, the two managers also plan to expand into real asset secondaries and develop a secondaries insurance offering.
This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
The raise included the final close of Ares Credit Secondaries Fund, representing the firm's largest-ever inaugural institutional raise.
