Jeremy Coller

Coller Capital, the world’s largest dedicated private market secondaries manager, has announced the final closing of Coller Credit Opportunities II (“CCO II”), bringing a record total of $6.8 billion raised for Coller’s credit platform in its latest fundraising cycle. Coller’s credit platform includes commingled funds, co-investment vehicles, separately managed accounts, and its credit-focused perpetual funds.

The successful capital raise follows the firm’s pioneering $1.4 billion first credit fund, CCO I, which previously set the benchmark as the largest private credit secondaries fund at the time. Coller Capital’s robust fundraising reflects its established global presence, innovative approach, and deep specialist expertise in secondaries.

CCO II targets senior direct lending and high-quality performing credit investments across LP-led and GP-led opportunities. The fund seeks to deliver strong risk-adjusted returns and stable, resilient performance through market cycles by providing investors diversified exposure to premium credit assets.

The private credit secondaries market has grown substantially, driven by increasing investor demand for liquidity solutions, diversification, and sophisticated portfolio management tools. Coller Capital has seen $53bn of secondary credit investment opportunities since January 2024, with substantial growth anticipated as more private credit funds mature.

Michael Schad, Partner, Head of Coller Credit Secondaries, said: “This record-setting fundraise reinforces Coller Capital’s status as the preeminent investor in private credit secondaries. Our disciplined, credit-centric investment strategy, combined with our ability to execute complex transactions at scale, continues to resonate with global investors seeking defensive, diversified strategies. With increased market participation and liquidity demand, we anticipate continued strong activity in LP-led and GP-led transactions throughout 2025 and beyond.”

Jeremy Coller, Chief Investment Officer and Managing Partner of Coller Capital, commented: “Coller Credit Opportunities II is a milestone fundraise that reaffirms the significant evolution and maturation of the private credit secondaries market. Investors increasingly recognize the strategic importance of private credit secondaries in achieving defensive exposure, liquidity, and enhanced portfolio management amid heightened market volatility. Coller Capital’s global platform, specialist knowledge, and proven track record uniquely position us as the partner of choice for investors around the world.

“The success of this fundraise is a testament to the quality of Coller’s entire global team and the trust our partners place in us, as well as the track record of our credit leaders Michael Schad, Ed Goldstein, and Martins Marnauza who have been investing together for more than 14 years.”

Coller Capital was an early mover in credit secondaries, pioneering investments as early as 2008. To date the firm has now committed $10.1bn to the space.

Coller Capital’s leading market position is exemplified by recent landmark transactions, including the acquisition of a $1.6 billion senior direct lending portfolio from American National, one of the largest-ever LP-led credit secondaries transactions. Additionally, in 2024, Coller Capital created the industry’s largest credit continuation vehicle to date, underwriting a $1.6bn portfolio managed by Abry Partners.

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Michael Schad

Coller Capital, the largest dedicated secondaries manager, has launched the Coller Private Credit Secondaries Fund (the Fund) in Australia.

The Fund, the first of its kind in Australia, offers high net worth investors^[1] access to Coller’s proven expertise and innovative approach to private credit secondaries.

Partner and Head of Coller Credit Secondaries, Michael Schad said, “This new fund reflects our leadership in developing next-generation investment solutions and is an exciting step in providing individual investors with access to credit secondaries, previously only available to institutional investors.

Our pioneering role in credit secondaries since 2007 positions us uniquely to deliver meaningful results for our investors.”

Head of Australia and New Zealand Private Wealth Distribution, David Hallifax added, “Private wealth investors increasingly recognise the value of fixed-income alternatives, and private credit secondaries present a compelling opportunity.

“Australian high net worth investors will now have access to a global platform that combines decades of secondaries expertise with a deep understanding of private credit markets.”

The Fund seeks to deliver a combination of absolute and risk-adjusted returns, diversification, and the opportunity for more liquidity than traditional private credit funds. It will provide private investors with exposure to Coller Capital’s 34 years of secondaries investment expertise and global platform.

Coller Capital continues its strategic expansion into the private wealth market globally, including in Australia. Coller established an office in Melbourne in 2024 and launched the Private Equity Secondaries Fund in Australia for the private wealth channel in October 2024.

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Notes:
[1] The offer of units in the Fund is available to wholesale clients as defined in the Corporations Act 2001 (Cth) residing from within Australia and/or New Zealand.

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Michael Schad

Coller Capital, a pioneer in private equity secondaries, has provided a valuable insight into private credit markets with the release of its Winter 2024/25 Global Private Capital Barometer.

The Barometer, which explores the dynamics of private markets, says private credit has been one of the most dynamic areas of the alternative assets market over the past decade, with 37 per cent of respondents to the latest survey saying they plan to increase their allocation.

This report, now in its 20^th year, surveyed 110 private market investors managing a combined $US1.9 trillion in assets across North America, Europe, Asia-Pacific, and the rest of the world.

Nearly half (47 per cent) of the investors plan to keep the same allocation to private credit with only 16 per cent aiming to reduce their investment in this asset class.

Private equity and infrastructure followed closely, with Limited Partners (LPs) intending to increase allocations by 34 per cent and 33 per cent, respectively, while secondaries continue to further cement their place in the alternatives landscape with 45 per cent of LPs saying this strategy now represents a core pillar of their alternative assets program.

Michael Schad, Partner and Head of Coller Credit, said: “The Barometer also identified that about two-thirds of investors were expecting to focus their credit programs and concentrate on a smaller number of credit managers in the next two to three years.

“At the same time, a similar proportion of respondents are likely to back a more limited number of credit strategies.

“Given the abundance of options and continued diversification, it is likely that many have gained ample experience across the strategy, identified their ideal niches, and are content to channel their investment capabilities within these specific areas.

“North American LPs exhibited the strongest inclination towards a more focused group of credit managers, whilst investors from the Rest of the world showed the greatest tilt towards backing a more limited range of credit strategies.”

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