Key Takeaways
- Sector: GP stakes.
- Geography: United Kingdom.
Analysis
Coller Capital, the world’s largest private markets secondaries manager, has announced the final close of Coller Credit Opportunities II (CCO II) with $6.8 billion in total commitments. This milestone cements Coller’s global leadership in the private credit secondaries space and follows the firm’s successful launch of its first credit secondaries vehicle, CCO I, which raised $1.4 billion.
CCO II targets senior direct lending and performing credit opportunities across both LP-led and GP-led transactions. The strategy offers institutional investors diversified exposure to high-quality, income-generating assets with stable performance through market cycles.
The fund attracted broad global demand amid rising interest in credit secondaries as an essential liquidity and portfolio management tool. Since early 2024, Coller has reviewed over $53 billion in credit secondary opportunities, a figure expected to rise significantly as more private credit funds mature and seek exit solutions for LPs.
Recent landmark transactions highlight Coller’s execution capabilities at scale. These include the acquisition of a $1.6 billion senior lending portfolio from American National—one of the largest LP-led credit secondaries deals to date—and the formation of a $1.6 billion credit continuation vehicle with Abry Partners, setting a record in the GP-led segment.
Coller’s success with CCO II mirrors broader trends in private markets, where investors are increasingly turning to secondaries strategies for defensive positioning, J-curve mitigation, and access to proven assets. Notable peer activity in the space includes:
- Pantheon’s Global Private Credit Secondaries Fund I, which closed at $1.2 billion in 2024, focusing on direct loan portfolios and NAV-based deals.
- Blue Owl Credit Secondaries Fund, aiming for $2 billion, emphasizing continuation vehicles in middle-market lending.
- AlpInvest Credit Solutions, which raised over $1.5 billion for bespoke LP- and GP-led credit secondaries mandates globally.
Michael Schad, Partner and Head of Credit Secondaries at Coller, noted: “This record-setting fundraise reflects investor confidence in our ability to structure and execute complex, credit-focused deals that deliver consistent returns.”
Jeremy Coller, Chief Investment Officer, added: “Private credit secondaries are now a critical pillar of institutional portfolios. CCO II marks a pivotal moment in the maturation of this asset class.”
To date, Coller Capital has now committed more than $10.1 billion to private credit secondaries, with a global platform that combines deep sector expertise, scale, and innovation in transaction structuring.