Antares Private Credit Continuation Vehicle I

Antares Private Credit Continuation Vehicle I is a $1.2 billion fund established by Antares Capital in partnership with Ares Management. The fund aims to provide liquidity solutions to investors in two of Antares' older private credit funds by acquiring their stakes in over 100 outstanding floating-rate, first-lien loans. This initiative addresses the growing demand for liquidity in the private credit market, where extended fund durations have limited investors' access to capital. The continuation vehicle allows limited partners to exit their investments or roll them over into the new fund, offering flexibility in managing their portfolios. Ares contributed the majority of the capital, with Antares also committing funds. The transaction was advised by Evercore, highlighting the increasing role of continuation funds in the evolving private credit landscape. By facilitating these secondary transactions, Antares and Ares are responding to the challenges faced by investors seeking liquidity in an environment where sales of portfolio companies have slowed. This strategy not only provides immediate liquidity options but also positions the firms to capitalize on the growing market for credit secondaries.