Ares has led a $1.7bn private credit continuation vehicle for Antares, as the private equity firm expands its presence in the growing secondaries market.

The transaction, backed by Ares Credit Secondaries funds and a commitment from Antares, will acquire a portfolio of more than 300 first lien, floating rate loans originated and managed by Antares.

The continuation vehicle structure provides liquidity to existing investors while offering new investors exposure to a mature portfolio of income-generating private credit assets.

“This investment highlights the strength of our scaled capital base, disciplined approach to credit investing and deep experience across credit and secondaries,” said Dave Schwartz, Head of Ares Credit Secondaries, and Luca Salvato, Partner at Ares.

Ares highlighted the deal as its second continuation vehicle with Antares in the past year, underscoring increasing demand for structured liquidity solutions in private markets.

Antares will continue to manage the underlying assets, ensuring continuity in portfolio oversight and credit performance.

The transaction comes as private credit assets are being held for longer periods, driving demand for alternative exit mechanisms beyond traditional realisations.

The deal also reflects the growing importance of the secondaries market within private credit, as investors seek flexibility and access to seasoned portfolios.

The transaction was advised by Evercore, with GreensLedge and Moelis & Company also acting as financial advisors.

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