The planned transaction would rank among the largest credit-secondaries deals on record, signaling continued demand for private credit liquidity options.
Ares Management is preparing to sell €3 billion of bundled stakes in its flagship European direct-lending fund. The proposed transaction is set to rank among the largest credit-secondaries deals ever recorded, highlighting the scale of investor interest in secondary market liquidity for private credit assets. In private markets, secondaries deals let investors buy and sell existing fund interests rather than commit fresh capital, a mechanism that has grown as firms and limited partners seek portfolio rebalancing and earlier exits.