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 biggest credit score continuation car ever created. The fund focuses on first lien broadly syndicated loans to US firms. As of the tip 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 personal debt.
“We’re thrilled to have closed this transaction, which marks a big milestone for Abry and our buyers,” stated C.J. Brucato, chief government at Abry.
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“This deal delivers on our main purpose of offering a horny full liquidity choice to our restricted companions in a market atmosphere the place liquidity has been scarce, but additionally aligns with our technique to create worth by disciplined funding in in personal debt and broadly syndicated credit score.”
The transaction is backed by Coller Capital, the world’s largest investor devoted to personal market secondaries
Michael Schad, accomplice and head of credit score secondaries at Coller Capital stated that the corporate is “more than happy” to accomplice 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 capability 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 data and a extremely skilled workforce, along with our experience and scale within the secondary market, ensures that we will proceed to offer LPs with publicity to a diversified portfolio of high-quality belongings,” added Martins Marnauza, accomplice at Coller Capital.
“We stay up for a protracted and mutually useful partnership with Abry as they proceed to ship worth for his or her LPs.”
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