Ares Credit Secondaries, which has yet to announce a final close, held its interim closing at $1 billion last year.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The manager's debut vehicle, which closed in December, primarily targets secondary LP interests across special situations credit, direct lending, and infrastructure-like private equity.
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.
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.
