The continuation fund will acquire a portfolio of European asset-backed finance assets.
AllianzGI's credit secondaries platform seeded JCP's inaugural European direct lending fund with a recently originated private credit portfolio.
The oversubscribed vehicle provides liquidity to investors in Bridgepoint Direct Lending II, which holds a portfolio of senior secured European middle-market loans.
The continuation fund, managed by Victory Hill, will hold two operating liquid storage terminals in the Port of Brownsville.
The single-asset vehicle extends B2B software investor Viking Growth's hold on a recruitment and HR software platform.
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.
This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
Ares has reportedly emerged as the primary buyer, with significant participation from Pantheon.
The portfolio of European senior credit assets will remain under Eurazeo's management, with Pantheon providing additional capital to support new lending.
