The firms have reportedly held discussions over a potential tie-up, which would boost Ares' secondaries AUM closer to the $50 billion mark.
The transaction, expected to close in Q4, will support the growth of AREP's investment and development platform, including its vertically integrated data center strategy.
The transaction adds nine private equity and credit secondaries strategies to EQT's offering, while its combined evergreen platform now exceeds €10 billion in NAV.
The facility for a GP stakes fund provides incremental capital to support the borrower's acquisition strategy.
The secondary market specialist will remain independently managed by its existing leadership team, with no changes to its investment strategy.
The deal marks Reality Growth's second investment since launching earlier this year as a dedicated GP stakes platform.
Founded by Rob McGrath, Overbay is a Toronto-based private equity secondaries specialist with around $3 billion in AUM.
The deal will expand Mercer's private markets platform, adding expertise in secondaries and evergreen vehicles to its offerings.
Founded by Rob McGrath in 2016, Overbay Capital Partners is a Toronto-based private equity secondaries investor with over $2.5 billion in AUM.
The newly combined entity is expected to double the size of Coller's secondaries business in less than four years.
