Cleary Gottlieb represented Ares Management (Ares) as lead investor in a $166 million credit asset investment vehicle sponsored by fund manager NXT Capital (NXT).
This represents Ares’ initial investment of its new credit secondaries platform.
The vehicle will acquire interests in credit assets from existing NXT funds. The portfolio consists of a mix of revolver and term loans to middle-market borrowers, held by the existing NXT funds since 2014. Certain investors in the existing NXT funds will continue to hold their interests in the credit assets in a rollover fund, all investors having been given the option to participate in the rollover fund or cash out.
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The Cleary private funds alternative and liquidity transactions team advises clients on private funds liquidity transactions and other funds hybrid M&A and finance transactions, including secondaries continuation vehicles and GP stakes investments and GP financings.