Crescent Capital Group and Pantheon announced they have closed Crescent Credit Solutions VII CV (CCS VII CV), a $3.2 billion private credit continuation vehicle formed to acquire a diversified portfolio of performing sponsor-backed loans, securities, and other equity interests from Crescent Mezzanine Partners VII, a 2016-vintage fund.
The transaction, led by Pantheon, was described by the firms as the largest credit continuation vehicle deal in the private credit secondaries market to date, citing proprietary analysis of global credit secondary transaction data by Jefferies.
Allianz Global Investors co-led the transaction, with significant investments from funds managed by Hamilton Lane, Dawson Partners, Ares Credit Secondaries funds, and Antares Capital. Crescent said the deal was led internally by the GP-LP Solutions Group within Crescent Private Credit, which focuses on financing solutions for private markets firms, funds, and investors.
Crescent President Chris Wright said the continuation vehicle structure was designed to deliver outcomes for investors while providing “optionality” for liquidity management. Jason Breaux, Crescent’s head of private credit, said the structure enabled a range of choices for existing investors while aligning the portfolio’s investment horizon with current market trends and conditions.
Pantheon Global Head of Private Credit Rakesh Jain said the firm partnered with Crescent on what he called a landmark transaction, framing it as another step in the evolution of the credit secondaries market and an extension of Pantheon’s GP liquidity solutions activity.
Crescent manages approximately $50 billion in assets under management as of Dec. 31, 2025, and invests across non-investment-grade credit, including senior bank loans, high-yield bonds, and private senior, unitranche, and junior debt securities. The firm is headquartered in Los Angeles with offices in New York, Boston, Chicago, London, and Frankfurt, and is part of SLC Management, Sun Life’s institutional alternatives and traditional asset management business.
Support: Jefferies served as financial adviser. Kirkland & Ellis acted as legal counsel for Crescent, and Hogan Lovells served as legal counsel for Pantheon. Barclays provided financing for the transaction.
KEY QUOTES:
“This transaction demonstrates our unwavering focus on delivering strong outcomes for our investors while also capitalizing on innovations in the secondaries market to offer investors optionality for managing liquidity.”
Chris Wright, President, Crescent
“This continuation vehicle structure allowed us to offer a range of options for existing investors while positioning the CCS VII CV portfolio for continued success over an investment horizon reflective of current market trends and conditions.”
Jason Breaux, Head of Private Credit, Crescent
“We are delighted to have partnered with Crescent on this landmark transaction, which represents another milestone in the evolution of the credit secondaries market and continues Pantheon’s leadership and innovation in GP liquidity solutions. We believe our scale, structuring expertise, and partnership-oriented approach supported a mutually beneficial outcome for all stakeholders.”
Rakesh Jain, Global Head of Private Credit, Pantheon
