This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
The StepStone-backed transaction reportedly extends Blackstone's ownership of a loan portfolio from its Capital Opportunities Fund IV.
The manager is also reportedly in advanced talks to acquire GIC and Silver Lake Partners' stakes in the breakdown recovery service provider, alongside other investors.
The manager is reportedly looking to shift loans from multiple vintages across its Private Markets Credit Strategies and Multi-Asset Credit funds.
The oversubscribed vehicle provides liquidity to investors in Bridgepoint Direct Lending II, which holds a portfolio of senior secured European middle-market loans.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The reported GP-led secondary sale would rank among the largest private credit secondary deals to date.
The continuation fund will acquire a portfolio of European asset-backed finance assets.
Ares has reportedly emerged as the primary buyer, with significant participation from Pantheon.
The portfolio of European senior credit assets will remain under Eurazeo's management, with Pantheon providing additional capital to support new lending.
