The reported push places the New York-based firm among a growing list of managers looking to capitalize on the $30 billion opportunity.
"AGSS highlights the increasing demand for tailored GP solutions in today's market environment and the innovative leadership of the Ares Secondaries platform," said Co-President Blair Jacobson.
The London-based startup aims to address private credit's fund-level liquidity, which remains constrained by available cash and redemption terms.
The inaugural North Haven Growth & Innovation Fund provides flexible capital across primary and secondary transactions, including company-led liquidity solutions.
The firm launched a dedicated credit secondary strategy around this time last year and has reportedly deployed around $500 million across five deals.
The firm has appointed Loïc Beaumont as Head of Private Equity to lead the initiative that targets LP-led secondary positions in European buyout funds.
Founded in 2007, PennantPark is a mid-market-focused private credit manager with around $10 billion in AUM.
The Euronext Amsterdam-listed manager is also preparing to launch two additional products focused on credit and infrastructure secondaries.
The AllianzGI-managed vehicle focuses on senior debt opportunities across the US, Europe, and Asia, a spokesperson told SecondaryLink.
Following Coller's recent acquisition by EQT, the two managers also plan to expand into real asset secondaries and develop a secondaries insurance offering.
