Crescent Capital and Pantheon Close Record $3.2B Private Credit Continuation Vehicle

Record-Breaking Private Credit Continuation Vehicle Closes

Crescent Capital Group LP and Pantheon announced January 20, 2026, the closing of Crescent Credit Solutions VII CV, a $3.2 billion private credit continuation vehicle that represents the largest credit continuation vehicle transaction in the private credit secondaries market to date. The transaction was established to acquire a diversified portfolio of performing sponsor-backed loans and securities and other equity interests from Crescent Mezzanine Partners VII, a 2016-vintage fund.

The deal was led by Pantheon, with Allianz Global Investors serving as co-lead. Significant investments came from funds managed by Hamilton Lane, Dawson Partners, Ares Credit Secondaries funds, and Antares Capital. The transaction was led at Crescent by the GP-LP Solutions Group within Crescent Private Credit, which focuses on delivering innovative financing solutions for private markets firms, funds, and investors.

Strategic Rationale Behind the Structure

"This transaction demonstrates our unwavering focus on delivering strong outcomes for our investors while also capitalizing on innovations in the secondaries market to offer investors optionality for managing liquidity," said Chris Wright, President of Crescent.

Jason Breaux, Head of Private Credit at Crescent, added: "This continuation vehicle structure allowed us to offer a range of options for existing investors while positioning the CCS VII CV portfolio for continued success over an investment horizon reflective of current market trends and conditions."

Institutional Participation

Rakesh Jain, Global Head of Private Credit at Pantheon, emphasized the milestone nature of the deal: "We are delighted to have partnered with Crescent on this landmark transaction, which represents another milestone in the evolution of the credit secondaries market and continues Pantheon's leadership and innovation in GP liquidity solutions. We believe our scale, structuring expertise, and partnership-oriented approach supported a mutually beneficial outcome for all stakeholders."

Market Context

Crescent Capital, a global credit investment manager with approximately $50 billion of assets under management as of December 31, 2025, has focused on non-investment grade credit for over 30 years through strategies that invest in marketable and privately originated debt securities including senior bank loans, high yield bonds, as well as private senior, unitranche and junior debt securities. The firm is headquartered in Los Angeles with offices in New York, Boston, Chicago, London, and Frankfurt.

Jefferies served as financial adviser on the transaction. Kirkland & Ellis LLP acted as legal counsel for Crescent, while Hogan Lovells acted as legal counsel for Pantheon. Barclays provided financing for the transaction.