Ares has reportedly emerged as the primary buyer, with significant participation from Pantheon.
The FTSE 250-listed private equity fund is selling partial interests in five Oakley funds at a 5.75% discount to their March 31 carrying value.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The European growth buyout investment manager closed a €635 million multi-asset CV earlier this year.
The oversubscribed vehicle provides liquidity to investors in Bridgepoint Direct Lending II, which holds a portfolio of senior secured European middle-market loans.
Potential backers reportedly sought a lower valuation for the loans held in the continuation fund.
The reported GP-led secondary sale would rank among the largest private credit secondary deals to date.
The continuation fund will acquire a portfolio of European asset-backed finance assets.
This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
The portfolio of European senior credit assets will remain under Eurazeo's management, with Pantheon providing additional capital to support new lending.
