Ares Leads Arcmont’s $2.5bn Continuation Vehicle

LONDON, 10 APRIL 2026 - Arcmont Asset Management, a leading European private credit asset management firm and affiliate of Nuveen, today announced the successful closing of a $2.5bn credit continuation vehicle ("CV"), inclusive of leverage. The transaction was led by Ares Credit Secondaries funds ("Ares") and was oversubscribed by leading institutional investors, an outcome that Arcmont believes underscores the strength and quality of the underlying portfolio.

The CV acquires a diversified, income-generating portfolio of largely first-lien senior secured loans from Arcmont's 2019 vintage, Direct Lending Fund III (the "Fund"). Arcmont believes that the transaction provides an attractive liquidity option to the Fund's existing Limited Partners as well as the opportunity to maintain continued exposure to what it believes to be a well-performing, seasoned senior credit portfolio. Arcmont will continue to manage the portfolio through their remaining holding periods.

Anthony Fobel, CEO of Arcmont, said: "We're pleased to have successfully closed this transaction with Ares, underscoring our mutual commitment to delivering excellence in credit investing. 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. The continuation vehicle also allows us to provide on-going support to what we believe to be some of our strongest assets, through their next stage of growth. We value the ongoing support of both new and existing investors and look forward to continuing to partner on the opportunities ahead."

Dave Schwartz, Head of Ares Credit Secondaries, and Sebastien Burdel, Partner at Ares, said: "We are excited to partner with Arcmont in executing what we believe is the largest credit secondaries transaction in Europe as well as Ares' largest credit secondaries transaction to date. As leading European credit managers with quality portfolios continue to embrace secondary solutions, we believe we are well-positioned to help meet evolving liquidity and portfolio management needs given the strength of our global relationships, depth of regional credit experience, and scaled capital base."

Over 15 years, Arcmont has raised over $48 billion of investable capital from over 485 global investors across its Direct Lending, Senior Loan, NAV Financing, Impact Lending and Capital Solutions strategies and fostered a network of more than 130 sponsor relationships throughout Europe.

The Ares Secondaries Group has established a more than 30-year track record investing across private equity, real estate, infrastructure and credit, and managed over $42 billion of assets as of December 31, 2025.

PJT Partners served as financial adviser and Kirkland & Ellis acted as legal counsel on the CV transaction.

-ENDS -

About Arcmont Asset Management

Arcmont Asset Management, an investment-affiliate of Nuveen (the asset manager of TIAA) is a private credit asset management firm providing flexible capital solutions to a wide range of businesses in Europe. Established in 2011, Arcmont has raised approximately €41 ($48) billion in assets from institutional investors globally and has committed over €40 ($46) billion across more than 540 transactions from its launch. With a highly experienced investment team, an established investment track record and deep technical expertise, Arcmont offers creative and flexible capital solutions to European businesses, with the reliability of a partner that values long-term relationships. Headquartered in London, Arcmont's presence spans Amsterdam, Frankfurt, Madrid, Milan, Munich, Paris, Stockholm and New York. It maintains a local origination network and builds and preserves close relationships with sponsors, borrowers and local intermediaries. To learn more about Arcmont, visit https://www.arcmont.com.

About Ares Management Corporation

Ares Management Corporation is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of December 31, 2025, Ares Management Corporation's global platform had nearly $623 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit https://www.aresmgmt.com.

Media Contacts

Arcmont [email protected]

Ares Giles Bethule, +44 7879615114 [email protected]