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Hogan Lovells advises Pantheon in US$3.2 billion private credit continuation vehicle for Crescent Capital Group
Press releases
| 21
January
2026
Washington, D.C., Northern Virginia 21 January 2026 – Global law firm Hogan Lovells has advised Pantheon, a leading global private markets investor, as lead investor in a landmark US$3.2 billion continuation vehicle, Crescent Credit Solutions VII CV (“CCS VII CV”).
CCS VII CV provides liquidity to existing limited partners of Crescent Mezzanine Partners VII and enables continued management of a diversified portfolio of instruments across sponsor-backed companies.
The transaction represents the largest single-fund portfolio transaction completed to date in the private credit secondaries market, and underscores Pantheon’s capabilities in leading and executing complex, scaled liquidity solutions in partnership with private credit GPs.
More information about the transaction can be found here.
The Hogan Lovells deal team was led by partners Adam Brown (Private Equity & Funds – Secondaries and Liquidity Solutions, Washington, D.C. / Northen Virginia), Michael Rogers (Private Equity & Funds– Secondaries and Liquidity Solutions, Northern Virginia), Nancy O'Neil (Tax, Pensions & Benefits, Baltimore / Washington, D.C.), and Caitlin Piper (Tax, Pensions & Benefits, Washington, D.C.), counsel Natalie Psaila (Tax, Pensions & Benefits, London), senior associates Sean MacDonald (Private Equity & Funds– Secondaries and Liquidity Solutions, Northern Virginia), John Jee (Tax, Pensions & Benefits, New York), and Pablo Gardea (Private Equity & Funds, Washington, D.C.), and associate Joseph Slattery (Private Equity & Funds– Secondaries and Liquidity Solutions, Northern Virginia).
