Ares Management Corp. has emerged as the primary buyer in a $2.2 billion secondary sale of private credit assets from Arcmont Asset Management. The deal involves loans from Arcmont's third direct-lending fund, which closed in 2019 with €6 billion ($7.1 billion) in commitments. Arcmont is transferring these assets into a continuation vehicle to extend their holding period, according to people familiar with the matter.

The secondary transaction includes significant participation from Pantheon, with PJT Park Hill serving as the secondary adviser. Representatives for Ares, Arcmont, Pantheon, and PJT Partners declined to comment on the confidential deal. The move reflects broader market dynamics where private credit funds face extended holding periods due to tepid dealmaking activity that has limited exit opportunities.

This transaction highlights the booming private credit secondaries market, which nearly doubled to $20 billion last year from roughly $11 billion in 2024, according to Evercore. The market's growth mirrors the explosive expansion of private credit itself, now valued at $1.8 trillion. Both Ares and Pantheon are capitalizing on this trend, with Ares raising $7.1 billion for its debut private credit secondaries strategy and Pantheon seeking at least $6 billion for its latest credit funds.