Coller Capital and Abry Companions have closed a $1.6bn (£1.22bn) GP-led transaction to create a continuation car for the Abry Superior Securities Fund III.
The transaction represents the most important credit score continuation car ever created. The fund focuses on first lien broadly syndicated loans to US firms. As of the top of December 2023, it held greater than 240 positions throughout greater than 210 distinctive underlying firms.
Following the transaction, Abry will proceed to actively handle the portfolio of broadly syndicated loans, and the fund will originate new funding alternatives with strategic investments into non-public debt.
“We’re thrilled to have closed this transaction, which marks a big milestone for Abry and our traders,” mentioned C.J. Brucato, chief government at Abry.
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“This deal delivers on our major aim of offering a beautiful full liquidity choice to our restricted companions in a market surroundings the place liquidity has been scarce, but in addition aligns with our technique to create worth via disciplined funding in in non-public debt and broadly syndicated credit score.”
The transaction is backed by Coller Capital, the world’s largest investor devoted to non-public market secondaries
Michael Schad, companion and head of credit score secondaries at Coller Capital mentioned that the corporate is “very happy” to companion with Abry on the creation of the car.
“This transaction is a testomony to Coller Capital’s track-record of innovation and our pioneering place within the credit score secondary area, in addition to one other instance of our means to creatively construction and swiftly execute on offers,” Schad added.
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“Abry’s main place as a specialised center market agency with deep sector information and a extremely skilled crew, along with our experience and scale within the secondary market, ensures that we will proceed to supply LPs with publicity to a diversified portfolio of high-quality belongings,” added Martins Marnauza, companion at Coller Capital.
“We look ahead to a protracted and mutually useful partnership with Abry as they proceed to ship worth for his or her LPs.”
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