Ares Management is planning a €1.5bn ($1.8bn) private credit secondaries transaction, as demand surges for liquidity solutions in the rapidly expanding $1.7tn asset class, according to sources cited by Bloomberg.

The deal will move investor stakes in legacy European loans from Ares’ flagship direct-lending strategy into a new continuation vehicle, according to people familiar with the matter. Campbell Lutyens is advising on the process.

The market for credit secondaries, trading stakes in private credit funds, has accelerated sharply in recent years. Evercore data shows volumes are set to exceed $18bn in 2025, up from $11bn in 2024 and just $6bn in 2023.

Ares is one of the most prominent direct lenders in Europe. Its latest European direct-lending fund has raised €30bn, the largest pool ever raised in the region for the strategy. The firm’s planned transaction underscores how managers are increasingly turning to secondaries to provide investors with liquidity while retaining exposure to performing assets.

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