Abry's $330M Deal Signals New Era for Credit Secondaries

CHARLOTTE, N.C. – May 11, 2026

Abry Private Debt, the credit investment arm of Abry Partners, has finalized the acquisition of a $330 million private credit portfolio, a move that underscores the explosive growth and increasing sophistication of the credit secondaries market. The transaction, completed in partnership with secondaries powerhouse Coller Capital, sees Abry take control of a diversified portfolio of primarily first-lien senior secured loans.

This deal is the latest in a series of strategic moves by Abry, reinforcing its position as a key architect in a market that is rapidly evolving from a niche strategy to an essential tool for institutional investors and fund managers. The portfolio spans a variety of industries, including commercial services, healthcare, and consumer discretionary, with all underlying loans backed by established private equity sponsors.

“This transaction reflects a differentiated approach to credit secondaries,” said Aaron Gillespie, Co-Head of Abry Private Debt, in a statement. “By stepping in as an active manager, we plan to build upon our sponsor and lender relationships, underwriting expertise, and capital markets capabilities to drive impactful outcomes across the portfolio.”

Beyond Buy-and-Hold: The Active Management Edge

A crucial element of the transaction is Abry's commitment to an active management role. Unlike passive strategies that simply hold debt instruments to maturity, Abry intends to work directly with the private equity sponsors, lenders, and management teams associated with the portfolio's assets. This hands-on approach involves continuous monitoring, proactive risk assessment, and the potential for strategic adjustments to loan terms or structures to optimize returns and mitigate risk.

This strategy is particularly relevant for first-lien senior secured loans. While these instruments sit at the top of the capital structure and offer the highest security, active oversight can unlock additional value and protect against unforeseen credit events. In a complex economic environment, the ability to renegotiate covenants, provide incremental capital, or manage workouts is a significant differentiator.

The emphasis on active management highlights a broader trend where secondary buyers are no longer just providers of liquidity but are becoming strategic partners capable of enhancing the value of the assets they acquire. This evolution is critical as the market moves beyond simple portfolio trades to more complex, structured solutions.

A Market in Overdrive

Abry's acquisition arrives as the private credit secondaries market experiences a period of unprecedented growth. After nearly doubling to around $11 billion in 2024, market volume is projected to surge past $18 billion in 2025. Some analysts predict the market could reach $50 billion within three years, fueled by the massive expansion of the primary private credit market, which now exceeds $2 trillion in assets under management.

Several key drivers are propelling this growth. A primary factor is the pressing need for liquidity. Lengthened private equity hold periods, a result of a subdued M&A environment, have slowed loan repayments and cash distributions to investors (Limited Partners, or LPs). Consequently, both LPs seeking to rebalance their portfolios and fund managers (General Partners, or GPs) needing to deliver returns are turning to the secondary market.

GP-led transactions, in particular, have seen a dramatic rise, accounting for two-thirds of deal volume in the first half of 2025. These deals, which include structures like continuation vehicles, allow managers to extend their hold on high-performing assets while offering existing investors a liquidity option. This shift is a testament to the market's maturation, providing sophisticated tools for portfolio management that were previously unavailable. The strong demand is reflected in pricing, with many transactions clearing in the mid-to-high 90s as a percentage of net asset value.

The Power of a Proven Partnership

The $330 million deal also marks another significant collaboration between Abry and Coller Capital, building on a history that includes a landmark $1.6 billion GP-led credit secondary transaction in 2024. This recurring partnership showcases a powerful synergy, combining Abry’s specialized debt management and underwriting expertise with Coller’s deep capital reserves and pioneering experience in structuring large-scale secondary deals.

“We’re delighted to work with the Abry team again,” commented Martins Marnauza, Partner at Coller Capital. “Aaron and Max have a proven ability to deliver differentiated investment value in the highly competitive private credit market.”

This established relationship enables both firms to move with speed and certainty, executing complex transactions that are defining the upper echelons of the market. As competition intensifies, with major players like Ares Management, Pantheon, and Blackstone all raising dedicated multi-billion-dollar funds for credit secondaries, such proven partnerships become a distinct competitive advantage.

“This is another meaningful step in the continued growth of Abry’s private debt platform, building directly on our experience in prior transactions and reinforcing our position at the forefront of this market,” added Max McEwen, Co-Head of Abry Private Debt.

The collaboration not only validates the strategies of both firms but also signals a broader institutional acceptance of credit secondaries as a mainstream asset class. For private equity sponsors backing the loans in this portfolio, the transaction provides a clear example of how secondary solutions are creating a more dynamic and efficient private capital ecosystem, offering new pathways to liquidity and strategic capital management in a market that demands flexibility.