Europe

Other European insurance firms, such as NN Group, are also looking at the secondaries market as they work to diversify their illiquid credit portfolios.

Allianz Global Investors’ co-heads of infrastructure funds and co-investments Maria Aguilar-Wittmann and Tillman Mueller have identified ‘a lot of attractive opportunities’ in the market, which grew to $20bn-$25bn of volume in 2025.

The CV includes follow-on capital to ‘capitalise on a strong pipeline already in place’, according to a statement shared with Secondaries Investor.

Mid-life investments can offer a solve to generate liquidity and realisations, stepping into the place of CV deals that can be complicated where co-investors have backed an asset, Neuberger’s head of European PE Joana Rocha Scaff says on the latest edition of PEI Group’s Commitment Issues podcast.

While the Swedish pension fund plans to double its infrastructure allocation to $4bn via external managers, it will not be seeking out secondaries, head of alternatives Jonas Nyquist outlines.

Luxembourg-based APS Holding sees opportunity to acquire leftovers of larger portfolios from their original buyers.

The deal will see up to €1bn of investment to grow Oaktree’s European direct lending platform.

The portfolio is being sold to a newly formed joint venture established between funds managed by Arrow Global Group and Fortress Investment Group.

StepStone co-underwrote the transaction, which includes Arrive Group, marking the second time a PE firm has moved its exposure to this asset into a CV.

Munich Private Equity Partners’ Hans-Christian Moritz draws on the famed psychiatric model to describe an industry coming to terms with a new liquidity reality.