Jefferies Credit Partners is targeting $1.16bn (€1bn) for a new private credit secondaries fund, according to Bloomberg sources. The vehicle will operate as a continuation deal or staple arrangement, combining roughly $580m (€500m) of investor equity with an equivalent amount of leverage to achieve its buying power.

As an evergreen fund, it can recycle capital indefinitely and will focus on loans previously originated by Jefferies Credit Partners. Private credit loans typically lack public market liquidity, leaving investors locked in for extended periods. Secondaries and GP-led continuation funds have emerged as key tools for generating portfolio liquidity while sustaining lending activity, particularly to mid-sized borrowers.

Jefferies projects credit secondaries volume grew from $6bn in 2023 to $10bn in 2024, with expectations exceeding $17bn in 2025. Ares Management forecasts volumes reaching $28bn in 2026 and surpassing $50bn by 2030.

Other major players are also active: Goldman Sachs recently transferred a loan portfolio to a Pantheon-backed vehicle, while Benefit Street Partners closed a $2.3bn continuation fund with Coller Capital. Ares is preparing a landmark $3.5bn (€3bn) secondary sale of European direct-lending stakes, potentially ranking among the largest credit-secondaries transactions ever recorded.