AllianzGI's credit secondaries platform seeded JCP's inaugural European direct lending fund with a recently originated private credit portfolio.
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 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.
The Paris-based manager is reportedly securitizing private fund interests held through its secondaries strategy.
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.
