Private credit

EQT’s acquisition of secondaries pioneer Coller Capital comes as the market for LP stake sales and continuation funds hits new heights.

Credit secondaries ranked second only to PE in deal volume across both LP-led and GP-led transactions in 2025.

While the list of the largest known LP commitments remains dominated by US-based investors, it also reflects a growing presence of non-US institutions from Asia and the UK.

A raft of secondaries investors participated in Crescent’s continuation vehicle, including co-lead Allianz Global Investors.

Marc Smid, who oversees the German insurance giant’s private debt fund of funds, sets out his expectations and concerns with respect to GPs.

The firm’s latest special situations and opportunistic credit fund closed on $4.2bn.

Coller Capital’s founder expects the road for economic growth to remain a bumpy one, especially in the US.

This year’s top deals include two sales from LPs without programmatic selling backgrounds, two CV-on-CV deals and a sizeable credit CV, as well as some honourable mentions on smaller, yet innovative processes seen this year.

This year saw mega fund closes with a number of specialist funds breaking records.