Private Credit Secondaries
Administration From Fund to Loan
One operating model for the vehicle, the underlying loans and the information
that connects them.
End-to-end Secondaries Expertise
Private credit secondaries are becoming an increasingly important tool for managers seeking to unlock liquidity, extend portfolio ownership and reposition capital. As longer loan lives, slower repayments and growing liquidity demands drive market activity, Alter Domus provides integrated operational support across increasingly complex transactions and other liquidly and structured vehicles, including:
- Dedicated Secondary Funds providing access to existing credit portfolios
- Continuation Vehicles enabling extended ownership of underlying assets
- Loan Portfolio Sales supporting liquidity and capital recycling
- Structured Credit Solutions addressing evolving investment needs
Private Credit Experience at Scale
Ranked
#1
for Secondaries by Preqin
More than
$2.3tn
in assets under administration across debt solutions
More than
3,300
Active Portfolios supported across credit and structured products
More than
4,100
Credit Agreements supported through agency services
More than
50
Structured Vehicles administered in last 2 years
Private Credit Secondaries Require Control at Two Levels
Private credit secondaries require coordinated oversight at both fund and loan level. Alter Domus brings these interconnected activities together through a unified operating model, simplifying oversight and ensuring operational continuity after closing. Our approach supports:
- Fund-Level Operations – Accounting, investor servicing, reporting and governance for secondary funds and continuation vehicles
- Loan-Level Administration – Accurate transfer, recording and ongoing servicing of underlying loans
- Connected Financial Data – Aligning interest accruals, PIK income, fees, amendments and repayments with fund accounting and reporting
- Streamlined Operations – Reducing hand-offs, coordinated reporting timelines and simplifying oversight across fund and loan activities
What this Means for the CFO
Private credit secondary transactions involve multiple workstreams, from fund establishment and loan validation to ongoing payments, agency responsibilities and reporting. Alter Domus brings these activities together through a coordinated implementation plan, providing CFOs and fund controllers with clear accountability and operational continuity to:
- Reach operational readiness sooner
- Reduce coordination between separate providers
- Avoid rebuilding information that already exists
- Give investors, boards, trustees and rating agencies more consistent information
- Manage the transition to an evergreen fund, inlcuding seeding, administration, and accounting
- Maintain control through transfer and closing
- Preserve the integrity of fund and loan-level data
- Scale a secondaries strategy without replicating infrastructure internally
- Move beyond a fund-level NAV to understand what is driving portfolio performance
Why Alter Domus
Continuity from the Primary Fund into the Secondary Vehicle
- Seamless Data Transfer – preserve loan records, documentation, and accounting data
- Reduced Migration Risk – Minimize duplication and maintain continuity
- Integrations Operations – Connect fund accounting, reporting, and loan administration
One Implementation Plan
- Coordinated Execution – Unite fund administration, loan servicing, agency, and reporting
- Clear Accountability – Define responsibilities, controls, and escalation procedures
- Greater Execution Certainty – Streamline coordination and maintain oversight
Control Through Transfer and Closing
- Reduced Operational Risk – Maintain continuity between agreement and closing
- Seamless Loan Transfers – Validate positions, complete assignments, and reconcile cash flows
- End-to-end Transaction Support – Coordinate settlement, agency transitions and ongoing administration
Specialist Structured-Credit Experience
- Integrated Expertise – Connect fund accounting, collateral administration, and liability agency
- Comprehensive Reporting – Reconcile fund, issuer and note-level data for investors, trustees and rating agencies
- Proven Experience – Over 50 structured vehicles administered in the last two years
Portfolio Analysis Connected to Administration
- Integrated Portfolio Data – Connect fund and loan-level information for a complete portfolio view
- Performance Insights – Monitor income, cash flows, concentrations and covenant activty
- Credit Risk Visibility – Identify emerging risks and better understand portfolio performance
Cross-border Execution without Fragmentated Control
- Global Expertise – Combine local accounting, regulatory, and corporate expertise across jurisdictions
- Coordinated Delivery – Connect funds, issuers, holding structures, and underlying assets
- Seamless Expansion – Scale or transfer portfolios without duplicating operating models across markets
Who We Support
Private Credit Secondary Structures
Private Credit Secondary Funds
We support managers acquiring loan portfolios and private credit fund interests through fund administration, accounting, investor servicing and settlement.
The benefit: Scalable infrastructure with visibility across funds and underlying exposures.
Other Liquidity Structures
Direct Loan Portfolio Acquisitions
Supporting position validation, trade settlement, servicing transfers, and ongoing loan administration.
The benefit: Smoother transfers with fewer payment disruptions and more consistent communications.
Collateralized Fund Obligations
Combining fund administration with issuer accounting, collateral administration, compliance testing, waterfall calculations, and note agency.
The benefit: Coordinated control across the structure, ensuring consistent data and reporting.
Distressed and Legacy Portfolios
Supporting complex portfolios through loan administration, special servicing, payment processing, data reconstruction and successor agency services.
The benefit: Reliable records and greater control throughout portfolio transfers, restructurings and resolutions.
Private Evergreen Credit Funds
Evergreen funds continuously reinvest capital, requiring seamless portfolio transfers, ongoing investor allocations and specialized accounting.
The benefit: Alter Domus combines fund accounting, loan administration, agency and middle-office services to support evergreen fund operations.
Support across the Secondaries Lifecycle
Support across the Secondaries & Structured Lifecycle
Insights
The Fund Administration Checklist for a GP-Led Continuation Vehicle
Our practical guide to fund administration for GP-led continuation vehicles, from structuring to ongoing management.
Private Credit Secondaries CFO Readiness Checklist
We cover 12 operational questions to resolve before a portfolio transfer, secondary fund acquisition or structured credit transaction
FAQs
What are Private Credit Secondaries?
Private credit secondaries involve the transfer of existing private credit fund interests or loan portfolios after the underlying capital has been deployed. Transactions can include dedicated secondary funds, credit continuation vehicles, direct loan portfolio sales and structured credit vehicles.
How are private credit secondaries different from private equity secondaries?
Private credit secondaries require continued administration of the underlying loans. Interest, PIK, fees, payments, amendments, covenants, maturities and lender positions must remain accurate after the transaction. This places loan administration, agency and servicing alongside fund administration.
What is required to establish a credit continuation vehicle?
The manager must establish and administer the new vehicle, complete investor elections and onboarding, transfer the underlying loans, reconcile transaction cash flows and maintain servicing and reporting after close. Historical fund and loan data must also be preserved.
Why does loan-level data matter in a private credit secondary transaction?
Loan-level data determines the income, cash flows, exposures and performance of the fund. Missing or inconsistent records can affect settlement, opening balances, investor reporting and the manager’s ability to monitor the portfolio after acquisition.
Can one provider administer both the fund and the underlying loans?
Yes. An integrated provider can combine fund accounting and investor servicing with middle-office support, loan administration, agency, settlement and portfolio analysis. This can reduce provider hand-offs and reconciliation.
What services are required for a rated-note feeder?
A rated-note feeder can require issuer administration, fund accounting, collateral monitoring, cash reconciliation, waterfall and note calculations, compliance reporting, payment agency, capital statements and coordination with the trustee and rating agency.
Can Alter Domus support distressed or legacy loan portfolios?
Yes. Support can include loan administration, special servicing, payment processing, data reconstruction, successor agency and ongoing fund and entity administration.
Can Alter Domus support the transition from a closed-end fund into a private evergreen structure?
Yes. Where we administer the original fund or its underlying loans, we can support the seeding transaction and carry existing records into the new evergreen vehicle. We provide evergreen based fund accounting, loan administration, agency and middle-office services for private evergreen credit funds on an ongoing basis.
Can Alter Domus support the transition from a closed-end fund into a private evergreen structure?
A private evergreen credit fund keeps capital continuously invested, recycling proceeds into new loans. Often seeded with assets from closed-end funds, the transition requires loan data migration, servicing transfers and new accounting records. Ongoing administration involves continuous investor processing, redemptions and complex investor allocations.
Can Alter Domus take over an existing private credit secondaries mandate?
Yes. We can support the transition of fund administration, middle-office operations, loan administration, agency or a combination of services through a controlled migration and reconciliation process.