Coller Capital and Abry Partners close $1.6bn credit vehicle
Coller Capital and Abry Partners have closed a $1.6bn (£1.22bn) GP-led transaction to create a continuation vehicle for the Abry Advanced Securities Fund III.
The transaction represents the largest credit continuation vehicle ever created. The fund focuses on first lien broadly syndicated loans to US companies. As of the end of December 2023, it held more than 240 positions across more than 210 unique underlying companies.
Following the transaction, Abry will continue to actively manage the portfolio of broadly syndicated loans, and the fund will originate new investment opportunities with strategic investments into private debt.
“We are thrilled to have closed this transaction, which marks a significant milestone for Abry and our investors,” said C.J. Brucato, chief executive at Abry.
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“This deal delivers on our primary goal of providing an attractive full liquidity option to our limited partners in a market environment where liquidity has been scarce, but also aligns with our strategy to create value through disciplined investment in in private debt and broadly syndicated credit.”
The transaction is backed by Coller Capital, the world’s largest investor dedicated to private market secondaries
Michael Schad, partner and head of credit secondaries at Coller Capital said that the company is “very pleased” to partner with Abry on the creation of the vehicle.
“This transaction is a testament to Coller Capital’s track-record of innovation and our pioneering position in the credit secondary space, as well as another example of our ability to creatively structure and swiftly execute on deals,” Schad added.
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“Abry’s leading position as a specialized middle market firm with deep sector knowledge and a highly experienced team, together with our expertise and scale in the secondary market, ensures that we can continue to provide LPs with exposure to a diversified portfolio of high-quality assets,” added Martins Marnauza, partner at Coller Capital.
“We look forward to a long and mutually beneficial partnership with Abry as they continue to deliver value for their LPs.”
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