GCM Grosvenor to launch private debt secondaries fund
US-based alternative asset manager GCM Grosvenor is set to launch a dedicated private debt secondaries fund.
According to reporting by Secondaries Investor, the firm registered its GCM Grosvenor Credit Secondaries Fund last month with the US Securities and Exchange Commission.
The fund has not disclosed its target size and a launch date has not yet been announced.
Earlier this year, GCM Grosvenor appointed two new members to its credit team as it prepared to expand its reach in the sector.
Read more: Private credit secondaries become more popular, paving way for GP-led deals
Brandon Cahill joined the firm from Blue Mountain Capital Management, while Scott Ingles joined GCM from Carlyle Group.
Last month, GCM co-led the funding on Guggenheim Investments’ $1.2bn (£0.94bn) private credit vehicle.
Earlier this year, GCM launched the $1.25bn GCM Grosvenor Secondary Opportunities Fund IV, which focuses on private equity opportunities.
The private debt secondaries market has been targeted by a number of large asset managers in recent months. Earlier this year, a JP Morgan credit expert said that he expects more than $30bn of private credit to change hands in the secondary market this year, up from just $3bn in 2019.
In January, Apollo said that it was looking to raise $2bn for its second credit secondaries fund. And last month, Goldman Sachs raised a record $3.4bn for its real estate secondaries fund.
Read more: Private credit secondaries set to hit $30bn this year
