Ares raises $3.6bn for major private credit continuation fund

Ares Management has raised €3.3bn for a private credit continuation vehicle, completing one of the largest transactions in the credit secondaries market, according to a report by Bloomberg.

Secondaries investor Coller EQT led the transaction, which closed in early November, with Evercore acting as adviser. The vehicle holds a portfolio of 24 loans transferred from Ares Capital Europe Fund IV, a direct lending fund that closed with €6.5bn in commitments in 2018.

The transaction reportedly provided existing investors with a liquidity opportunity while allowing Ares to retain exposure to the underlying loan portfolio. Investors in the original fund reportedly received distributions equivalent to approximately 150% of their initial capital commitments.

The deal highlights accelerating growth in private credit secondaries as fund managers seek alternative liquidity solutions amid a prolonged slowdown in exits. Transaction volumes more than doubled to $20.4bn in the first half of 2026, exceeding the full-year total for 2025, according to Evercore. European credit secondaries transactions are expected to reach approximately €13bn this year, with the region accounting for around 28% of global capital deployment, compared with 72% in North America.