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Allianz in Advanced Talks to Anchor Blackstone Credit Continuation Vehicle

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✨ Summary by AI at Octus
Allianz Global Investors has become the lead investor in a private credit continuation vehicle marketed by Blackstone, with Evercore advising on the transaction, which is in its late stages. The vehicle includes a high-quality, diversified portfolio of credits from an older drawdown fund that has surpassed its investment period. Private credit continuation vehicles are increasingly used to wind down end-of-life funds and provide liquidity for investors. Blackstone recently closed its Capital Opportunities Fund V with over $10 billion in investable capital, led by Blackstone Credit & Insurance, which has achieved a 13% net internal rate of return since 2007.

Allianz Global Investors has emerged as the lead investor in a private credit continuation vehicle being marketed by Blackstone, according to sources.

Evercore is advising Blackstone on the transaction, the sources added, noting the process is in late stages.

The portfolio of credits being rolled into a CV are a high-quality, diversified set of assets from an older drawdown fund that is past its investment period, sources said.

Private credit CVs are increasingly being used as a tool to wind down end-of-life funds and provide a liquidity opportunity for investors.

For example, Blackstone Capital Opportunities Fund III (also known as GSO Capital Opportunities Fund III) is a 10-year-old $6.5 million fund that was raised in 2016 with a focus on providing mezzanine debt, subordinated capital and structured equity solutions to middle-market and large-cap corporate issuers across the United States and Europe.

In January, Allianz served as co-lead investor and Pantheon served as lead investor for Crescent Capital’s $3.2 billion private credit CV, which was established to acquire performing credits from a 2016-vintage fund called Crescent Mezzanine Partners VII. Jefferies served as financial advisor on the transaction.

The credit secondary market accelerated to $20.4 billion in the first half of 2026, with GP-led transactions driving approximately 83% of activity, according to Evercore’s July 2026 Credit Secondary Market Review.

Last month, Blackstone announced it closed Blackstone Capital Opportunities Fund V with more than $10 billion of investable capital. The fundraise was led by Blackstone Credit & Insurance, an opportunistic credit strategy that has generated a 13% net internal rate of return since its inception in 2007, according to the press release.

Blackstone and Allianz declined to comment. Evercore did not return requests for comment.

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