Ares Management has launched a $1.7 billion private-credit continuation vehicle in partnership with Antares Capital, according to reporting from The Wall Street Journal, marking the latest expansion of activity in the fast-growing credit secondaries market.
The newly formed fund is designed to recapitalize a portfolio of private-credit assets, consisting primarily of first-lien, floating-rate loans. The transaction provides liquidity to existing investors while allowing the underlying assets to remain under management for a longer period.
This vehicle represents the second continuation fund collaboration between Ares and Antares within the past year, highlighting increasing demand for structured liquidity solutions in private credit. The firms have been actively pursuing similar strategies as traditional exit routes remain constrained.
Antares, which focuses on private credit, liquid credit, and broader liquidity strategies, continues to manage the portfolio included in the transaction. The firm had approximately $90 billion in capital under management and administration as of late 2025.
The deal reflects a broader trend across private markets, where continuation vehicles are being used more frequently to extend asset holding periods and deliver liquidity in a slower dealmaking environment.
