Managing Director
25 years in the industry20 years with Antares and its predecessorsLiquidity Solutions
Flexible capital solutions across private credit secondaries.
Solutions in Credit Secondaries
Antares brings more than 30 years of private credit underwriting and structuring experience to invest across LP- and GP-led secondary transactions, with a differentiated perspective grounded in direct credit insight and disciplined execution.
“As private credit markets mature, the need for flexible solutions is becoming more pronounced. Our approach is grounded in cycle-tested credit expertise, direct insight into underlying assets, and long-standing relationships with managers, which shape how we structure and execute.”
The Opportunity
A Growing Secondary Credit Market
As private credit markets expand, demand for flexible capital solutions continues to grow across LP- and GP-led transactions. In 2025, the private credit secondaries market transaction volume doubled to $20 billion,1 creating opportunities for investors seeking attractive entry points, diversification, and seasoned portfolios.
01
Accelerating Demand for
Secondary Credit Opportunities
The proliferation of private credit funds is increasing the need for portfolio liquidity and secondary market solutions.
02
Macro-Driven
Repositioning Needs
Interest rate changes and market volatility are prompting investors to rebalance portfolios and access flexible liquidity options.
03
Expansion of GP-Led
Transactions
Continuation vehicles are becoming a widely used tool among leading managers to help crystalize returns for their investors, and extend ownership of high-quality assets.
Our Approach
Disciplined Access to Secondary Credit
We draw on three decades of private credit experience, combining disciplined underwriting and a focus on predominantly senior secured portfolios to deliver flexible capital solutions across LP- and GP-led transactions.
Platform-Enabled Underwriting
Backed by Antares’ ~$90B private credit platform,2 we leverage our GP and LP relationships, borrower visibility, and sector intelligence to source differentiated opportunities and evaluate managers, portfolios, and transaction structures.
Diversification by Design
We construct portfolios diversified across managers, sectors, geographies, and vintages, with a focus on high-quality credit that offers downside protection and embedded value.
Integrated Capital Solutions and Structuring
Our in-house structuring capabilities and financing cost-of-capital advantages allow us to design flexible transaction solutions that aim to optimize alignment, efficiency, and downside protection.
Attractive Entry Discounts
We seek discounted entry opportunities to embed value and enhance risk-adjusted return potential from price appreciation.
Investments
Flexible Access to Capital
Antares delivers liquidity solutions across the private credit secondary market through flexible LP- and GP-led structures.
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GP-Led Transactions and Continuation VehiclesWe partner with managers on continuation vehicles, enabling extended ownership of high-quality credit portfolios while offering liquidity options to existing investors.
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LP-Led Credit SecondariesWe acquire interests in seasoned private credit funds, providing LPs with liquidity and portfolio rebalancing solutions while offering investors immediate exposure to diversified, income-generating credit assets.
Additional Offerings
Beyond LP- and GP-led transactions, we deploy capital across a broader set of liquidity solutions designed to address a range of portfolio and financing needs.
We invest across direct loan portfolios, asset-based transactions, structured credit solutions, and NAV-based lending, with an aim to help managers, banks, and LP investors unlock liquidity, reposition portfolios, and manage risk more efficiently.
Our Team
Applying Decades of Experience Across Private Credit Secondaries
Liquidity Solutions Team
Our team combines decades of cycle-tested credit experience with deep structuring expertise to source, analyze, and execute complex opportunities across markets. The team sits within a dedicated business vertical governed by a one-way information barrier between Liquidity Solutions and the Antares’ Private Credit team.
Ben Chapin
Olga Kosters
Managing Director
26 years in the industry1 years with Antares and its predecessors
Jordan Schwartz
Vice President
7 years in the industry8 years with Antares and its predecessors
Patrick Watson
Vice President
9 years in the industry8 years with Antares and its predecessorsExplore Liquidity Solutions
Learn how Antares approaches liquidity solutions across private credit portfolios and secondary market opportunities.
Footnotes
1 2025 Credit Secondary Market Survey, Evercore Private Capital Advisory, January 2026.
2 Capital under management & administration (CUMA) figure noted here relates to the Private Credit and Liquid Credit Strategies. includes, without duplication, Antares Holdings (an affiliated, non-discretionary portfolio, also referred to as the “Platform Balance Sheet”), third-party managed vehicles, and contract investor programs and is calculated as the sum of: (i) for CLOs and the Platform Balance Sheet, the sum of total outstanding principal balance of loans and loan commitments, equity-related investments, cash, restricted cash and cash equivalents; excludes CLO structured financings in place for accounts included in (iii) below; (ii) for BDCs, third-party net subscriptions and target operating leverage; (iii) for actively investing advised accounts and contract investor programs, the total equity commitments and, with respect to actively investing advised accounts, maximum leverage limits per the applicable limited partnership agreement or other governing document of such accounts; and (iv) for advised accounts or contract investor programs that are no longer investing, total outstanding principal balance of loans and loan commitments held by such vehicles. For purposes of the foregoing clauses (ii) and (iii), the target operating leverage and maximum leverage limits, respectively, included herein may be different from the actual amount of leverage applied in the case of any given account. Contract investor programs are not advised clients and are either self-directed or managed by a third party. For the avoidance of doubt, CUMA is not intended to be the same as (and is calculated differently as compared to) Antares Capital Advisers LLC’s, Antares Capital Credit Advisers LLC’s, Antares Liquid Credit Strategies LLC’s, or Antares Liquidity Solutions LLC’s regulatory assets under management, as reported under Item 5.F on Part 1 of Form ADV. Please contact Antares with any questions.
Past performance is not a reliable indicator of future performance and future results may vary materially.
Note: As of December 31, 2025, unless otherwise noted. The commentary within this section represents Antares’ beliefs. Diversification does not assure a profit or protect against loss in a declining market.