Private Credit Finds the Megadeals It Wants on Secondhand Market

Megadeals that used to be a staple for private credit markets are in short supply this year. But in the secondary market where investors cash out of direct-lending stakes, large-scale deals are suddenly abundant.

In what would be one of the largest deals to hit the nascent secondary market, the Florida State Board of Administration is looking to sell a bundle of stakes worth as much as $4 billion. At the same time, Brookfield Wealth Solutions is seeking bids for $1.5 billion of so-called limited partner stakes it inherited as part of the acquisition of American National.

“Everyone wants a ...