Coller Capital has closed a landmark $2.4bn structured secondaries transaction, marking the largest deal of its kind to date in the secondaries market. 

The vehicle has attracted institutional capital from Barings, which acted as the lead investor in the senior debt tranches, while Coller and Ares Management have retained the first-loss equity positions.

The transaction underscores growing demand for fund finance solutions as private markets continue to face liquidity constraints. Structured secondaries products such as this one repackage anticipated fund cash flows into rated tranches with varying levels of risk and return, appealing to insurers and pension funds seeking capital-efficient alternatives to direct LP exposure.

“This deal represents another step in Coller Capital’s evolution as a secondaries specialist with an increasing focus on innovation and scale in fund finance,” the firm said. Coller currently manages over $40bn across private equity, credit, and broader private markets.

The transaction arrives amid rising momentum in the fund finance space. General partners are increasingly deploying structured vehicles — including rated feeders and collateralised fund obligations — to meet investor demand for liquidity and portfolio flexibility.

Asset managers are responding swiftly to the trend. Just last week, Bayview Asset Management announced senior hires to launch its own fund finance platform, signalling the intensifying competition in this fast-growing segment.

Source: Bloomberg