Crescent, Pantheon Close $3.2B Private Credit Continuation Vehicle 

Crescent Capital Group LP and Pantheon have closed Crescent Credit Solutions VII CV (CCS VII CV), a $3.2 billion private credit continuation vehicle, marking one of the largest single-fund portfolio transactions completed in the private credit secondaries market. 

CCS VII CV was established to acquire a diversified portfolio of performing sponsor-backed loans, securities, and equity interests from Crescent Mezzanine Partners VII, a 2016-vintage fund with more than $4.6 billion in committed capital. The transaction was led by Pantheon and co-led by Allianz Global Investors, with significant investments from funds managed by Hamilton Lane, Dawson Partners, Ares Credit Secondaries, and Antares Capital. At Crescent, the transaction was led by the GP-LP Solutions Group within Crescent Private Credit. 

“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. 

“We believe our scale, structuring expertise, and partnership-oriented approach supported a mutually beneficial outcome for all stakeholders,” said Rakesh Jain, global head of private credit at Pantheon. 

The deal compares with other large credit secondaries transactions, including a $3 billion continuation vehicle led by Coller Capital for TPG Twin Brook Capital Partners, and a $2.3 billion vehicle, also led by Coller, for Benefit Street Partners. 

Jefferies LLC served as financial adviser. Kirkland & Ellis LLP acted as legal counsel to Crescent, Hogan Lovells advised Pantheon, and Barclays provided financing. 

Los Angeles‑based Crescent manages approximately $50 billion in assets as of December 31, 2025, while Pantheon oversees $12.4 billion in private credit secondaries and deployed $5.4 billion in 2025.