Ares Management Corp. emerged as the primary buyer for a private credit portfolio sold by Arcmont Asset Management in the market for secondhand stakes, according to people familiar with the matter.
Arcmont is moving loans from its third direct-lending fund, which closed in 2019 with €6 billion ($7.1 billion), into a new continuation vehicle that will allow it to hold the assets for longer, the people said.
Pantheon is also a significant buyer in the continuation vehicle, which could raise as much as $2.2 billion, said the people, who asked to not be identified discussing confidential information. PJT Park ...
