Eurazeo has secured €480m, or roughly $567m, for a private credit continuation fund backed by Pantheon.

The fund will roll assets from previous Eurazeo private credit vintages into a new vehicle, allowing existing investors to cash out while providing Eurazeo with fresh lending capacity to support additional European mid-market transactions. Pantheon, one of the largest global secondaries investors, is participating in the fund.

Credit continuation vehicles have gained traction as slower dealmaking and limited refinancing options have constrained exits for private credit managers. According to Evercore, secondary deals across private assets reached a record $226bn last year, with credit secondaries representing a rising share of activity within the $1.7trn private credit market.

“We are pleased to deliver a tailored and highly attractive solution for our LPs while partnering for the long term with Pantheon, a leading global player in credit secondaries,” Nicolas Nedelec, Partner in Eurazeo’s Private Debt team, said in a statement. “This transaction demonstrates the depth of our private debt platform and our commitment to proactively managing the lifecycle of our funds in the best interests of our investors,” he added.

Pantheon has also recently backed Crescent Capital’s $3.2bn private credit continuation fund, the largest vehicle dedicated to credit secondaries to date, underlining strong institutional demand for the strategy.

Eurazeo manages €37.4bn in assets, while Pantheon oversees about $82bn in discretionary assets, positioning both groups to benefit from continued growth in secondary-led private credit solutions.

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