This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The deal, first reported by SecondaryLink last month, comprises approximately 130 securities from a 2021-vintage direct lending fund.
The single-asset deal centers on a health and social care software provider first backed by Activa in 2019.
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.
The raise included the final close of Ares Credit Secondaries Fund, representing the firm's largest-ever inaugural institutional raise.
Ares Credit Secondaries, which has yet to announce a final close, held its interim closing at $1 billion last year.
