We advised on all Luxembourg legal aspects of the continuation vehicle and the wider transaction, including the structuring and launch of the continuation vehicle, the design and implementation of rollover and reinvestment mechanics for existing investors and management, the financing arrangements for the new continuation vehicle and its holding entities, the restructuring of the Luxembourg holding platform, and the contribution of the acquired portfolio of assets to the continuation vehicle.
The transaction relates to the closing of a $2.5 billion credit continuation vehicle, inclusive of leverage, led by Ares Credit Secondaries funds. The vehicle acquires a diversified, income‑generating portfolio of largely first‑lien senior secured loans from Arcmont’s 2019 vintage Direct Lending Fund III, which Arcmont will continue to manage through its remaining holding periods.
The transaction provides a liquidity option for existing investors while allowing continued exposure to a seasoned private credit portfolio and represents one of the largest European credit secondaries transactions to date (per PJT and Ares market intelligence).
Arcmont Asset Management is a leading European private credit asset manager and an affiliate of Nuveen, providing investors with innovative and tailored access to European private credit strategies.
The mandate required a fully integrated and coordinated approach across fund formation, regulatory, fund finance and tax expertise, and the technical expertise, responsiveness and collaboration of our teams were instrumental to its successful completion.
