GP-led secondaries, LP trades and a number of other liquidity solutions for private funds and their investors have been popularized in recent years due to economic trends driving tight fundraising markets and below expectations DPI, the overall maturity of the investment funds industry and a number of other factors. Until recently though, the vast majority of GP-led secondaries (predominately continuation vehicle transactions) were completed by private equity managers. However, a significant number of private credit continuation vehicles have closed in the last 12-18 months as private credit managers have adopted these liquidity techniques and adapted them to private credit. This panel will discuss the recent emergence of credit as a dedicated asset class within the world of secondary transactions, as credit managers have sought to restructure, reconstruct and recycle their existing credit portfolios and many institutional credit investors continue to actively manage their portfolios.

Topics will include:

• What is a secondary transaction as distinguished from a loan trade?
• Why are credit managers increasingly considering these transactions as an option for their playbook?
• What are the main growth drivers of the recent surge in credit secondary buyer demand?
• How do credit secondaries like this work, including, with respect to fund restructurings underwritten by third party capital, typical investor solicitation and “lead investor” negotiation processes?
• Who is involved in executing a successful credit secondary transaction?
• How have credit secondaries differed from secondaries in other asset-classes to-date?

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