Coller Capital has completed the acquisition of a $1.6bn senior direct lending portfolio from US-based insurer American National, in what marks the largest LP-led credit secondaries transaction focused on senior lending to date.

The deal includes limited partner positions across 44 US credit funds, with a portfolio diversified across more than 3,000 individual loans and nearly 1,500 borrowers—primarily within the US mid-market. The funds primarily target first-lien and unitranche structures.

Coller received full general partner approval to acquire the entire portfolio.

“This investment marks the largest of its kind to date,” said Michael Schad, head of Coller Credit Secondaries, who added that the private credit secondaries market remains undercapitalised relative to deal volume. He anticipates more transactions of this scale as capital flows increase.

The transaction follows Coller’s $1.6bn recapitalisation of Abry Advanced Securities Fund III in 2024 and reinforces the firm’s growing presence in private credit.

With $38bn in assets under management, Coller Capital is the world’s largest dedicated investor in private market secondaries.