The Paris-based manager is reportedly securitizing private fund interests held through its secondaries strategy.
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.
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.
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 portfolio and single-fund sales included stakes in US-based credit funds with 2019-2022 vintages.
Founded in 2024 by former Park Square executive Jacob Ucar, Kinnerton provides debt and minority equity capital to mid-market businesses.
The continuation fund will acquire a portfolio of European asset-backed finance assets.
