Ares Backs a $2.2 Billion Arcmont Credit Secondary Deal

What Happened Ares Management is leading the purchase of a private credit portfolio from Arcmont Asset Management through a continuation vehicle that could raise as much as $2.2 billion . Pantheon is also participating, while PJT Park Hill is advising on the transaction. The assets are being transferred from Arcmont's third direct-lending fund into a new vehicle, illustrating how continuation structures are increasingly being adapted beyond classic buyout secondaries and into credit portfolios. The Bigger Trend As exit activity stays muted, more credit managers are turning to the secondaries market to create liquidity and extend asset duration. The article notes that private credit secondaries volumes rose sharply last year and are expected to keep growing alongside the broader expansion of the asset class. Up to $2.2 billion transaction size Major buyers include Ares and Pantheon Private credit secondaries are emerging as a scaled subsegment Liquidity innovation is no longer confined to private equity funds; it is moving rapidly into private credit portfolios as well. Why This Matters for Private Markets This deal matters because it broadens the investable universe for secondary buyers and creates fresh pricing benchmarks in private credit. If more lenders pursue similar structures, secondaries could become a core portfolio management tool across the entire alternatives landscape, not just in buyout and venture.