A burst of trading in the secondary market is the latest development for the US$1.6 trillion ($2.20 trillion) private credit industry, where some funds have excessive cash amid the deal drought.
Allianz Global Investors has raised EUR1.5 billion ($2.11 billion) for a fund that buys private credit stakes on the secondary market.
The firm has exceeded its initial fundraising target of EUR500 million for the strategy that buys positions in direct-lending funds from institutional investors at a discount, according to a statement.
