The deal gave investors in Carlyle Credit Opportunities Fund II a liquidity option, while adding capital to support the media investment manager's growth.
The New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
The GP-led deal included senior secured loans to more than 60 US lower-middle-market companies from two Tree Line direct lending funds.
The transaction extends the manager's hold on a portfolio of predominantly senior, US-focused direct lending investments.
Ghost Tree is a California-based private credit investment firm providing senior secured, collateral-focused financing for lower middle-market companies.
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 private debt specialist, which operates a dedicated secondaries strategy, has reportedly held talks with several international investors.
The New York-based asset manager entered private credit in 2024 by acquiring Avenue Capital's team and five funds with approximately $500 million in commitments.
The deal would reportedly shift the vehicle's assets into a closed-end structure and trigger a delisting.
The StepStone-backed transaction reportedly extends Blackstone's ownership of a loan portfolio from its Capital Opportunities Fund IV.
