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.
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.
This deal marks the largest credit secondaries transaction to date for the 2025 SecLink Awards winner of Top Private Debt Buyer.
Founded in 2002, CRC is a private credit manager that invests in bank capital strategies, mainly SRT transactions, that deliver non-dilutive capital solutions to European banks.
