Arcmont Closes $2.5B Credit CV Backed by Ares Secondaries

Arcmont Asset Management, an affiliate of Nuveen, has closed a $2.5 billion credit continuation vehicle, inclusive of leverage, in a transaction led by Ares Management’s credit secondaries funds. 

The oversubscribed vehicle acquires a diversified portfolio of largely first-lien senior secured loans from Arcmont’s 2019-vintage Direct Lending Fund III. The structure is designed to provide existing limited partners with a liquidity option while allowing them to retain exposure to what the firm describes as a well-performing, income-generating portfolio. Arcmont will continue to manage the assets through their remaining holding periods. 

“With supportive secondary market conditions and what we believe to be a strongly performing and diversified portfolio, we felt this was the right moment to pursue an accelerated liquidity option for Direct Lending Fund III investors,” said Anthony Fobel, CEO of Arcmont. 

Arcmont has raised more than $48 billion in investable capital over the past 15 years from over 485 global investors, spanning direct lending, senior loans, NAV financing and capital solutions strategies. The Ares Secondaries Group brings more than three decades of experience across private markets, managing over $42 billion in assets as of year-end 2025. 

PJT Partners served as financial advisor on the transaction, while Kirkland & Ellis acted as legal counsel.