At a glance
- AllianzGI led KKR's first direct lending continuation vehicle, as managers apply a GP-led liquidity structure to loan portfolios.
- Tree Line's vehicle gives existing investors across several of its direct lending funds a liquidity option while the manager keeps the loans, according to Tree Line.
- In Tree Line's vehicle, existing investors in its direct lending funds get a choice: take liquidity or stay in the portfolio under the new structure.
Tree Line closed a $680 million continuation vehicle with PGIM and LGT. AllianzGI led KKR's first direct lending continuation vehicle, as managers apply a GP-led liquidity structure to loan portfolios.
Tree Line's vehicle gives existing investors across several of its direct lending funds a liquidity option while the manager keeps the loans, according to Tree Line.
The KKR portfolio is mostly senior US direct lending loans, and its size was not disclosed.
In Tree Line's vehicle, existing investors in its direct lending funds get a choice: take liquidity or stay in the portfolio under the new structure. The price at which the vehicle took the positions and the treatment of rolling investors relative to new money are the key diligence questions.
Tree Line keeps the loans, so borrower relationships remain with Tree Line rather than with a buyer of the assets. Investors who want out get a price now instead of waiting for the loans to repay on their original schedule.
Reported by The Wrap desk from Private Credit Daily data pack (Tree Line and KKR continuation vehicle reports, Oct. 28, 2026). Published . Corrections