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Private credit is colliding with LP fervor for secondaries funds.

Why it matters: Investors in the $2 trillion private credit market want liquidity.

Driving the news: Blue Owl is the latest firm to see the opportunity in marrying private credit and secondaries, with plans to raise a dedicated fund, per Bloomberg. 

State of play: Ares collected $7.1 billion for credit secondaries in January, while Coller Capital raised $6.8 billion for a private credit secondaries fund last July.

By the numbers: Eighty-five percent of LPs surveyed by Coller Capital say they expect more growth within the space, and 20% see it becoming a mainstream tool for credit managers.

What we're watching: Software troubles will give investors a case-study in the risks and rewards of private credit secondaries. 

Secondaries set sights on private credit

Blue Owl is the latest seek a private credit secondaries fund.

Illustration of a hand in a business suit spray painting a dollar sign on a wall

Private credit is colliding with LP <a class="gtmContentClick" data-vars-link-text="fervor" data-vars-click-url="https://www.axios.com/pro/merger-deals/2025/07/31/private-equity-secondaries-exit-trend" data-vars-content-id="b593e616-5510-48b1-866f-31f3ab012627" data-vars-headline="Secondaries set sights on private credit" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/merger-deals/2025/07/31/private-equity-secondaries-exit-trend" target="_self">fervor</a> for secondaries funds.Why it matters: Investors in <a class="gtmContentClick" data-vars-link-text="the $2 trillion" data-vars-click-url="https://www.fsb.org/2026/05/report-on-vulnerabilities-in-private-credit/" data-vars-content-id="b593e616-5510-48b1-866f-31f3ab012627" data-vars-headline="Secondaries set sights on private credit" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.fsb.org/2026/05/report-on-vulnerabilities-in-private-credit/" target="_blank">the $2 trillion</a> private credit market <a class="gtmContentClick" data-vars-link-text="want liquidity" data-vars-click-url="https://www.axios.com/2026/03/25/private-credit-apollo-ares" data-vars-content-id="b593e616-5510-48b1-866f-31f3ab012627" data-vars-headline="Secondaries set sights on private credit" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2026/03/25/private-credit-apollo-ares" target="_self">want liquidity</a>.

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Secondaries set sights on private credit

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