Private credit secondaries.
Weeks, not months.
The regulated marketplace for institutional investors to buy and sell LP interests in private credit funds. Tokenised infrastructure. Embedded compliance. T+1 settlement.
The secondary process was designed for a market one-tenth this size
Find a buyer
Engage an intermediary. Four to eight weeks of outreach. Limited buyer universe. Opaque pricing.
Standardised listing visible to all qualified institutional buyers on the platform.
Negotiate terms
Bilateral negotiation. No comparable transaction data. Discounts of 5–15% to NAV with no benchmark.
Transparent pricing informed by platform transaction history and real-time NAV data.
Obtain GP consent
Email-based. Manual review. Weeks of back-and-forth. No standardised process.
Digital GP consent workflow. Buyer credentials pre-verified. Approval in days.
Legal transfer and settlement
Bespoke legal documentation. External counsel. Amendment to partnership register. $50–100K in legal fees.
Smart contract executes transfer. Compliance embedded. Immutable audit trail. T+1 settlement.
Regulated infrastructure, institutional execution
Tokenise
LP interests are represented as digital securities on a permissioned blockchain. Each token encodes committed capital, distributions, NAV, waterfall position, and transfer restrictions.
List and match
Sellers list positions with standardised data. Qualified institutional buyers browse, evaluate, and submit indications of interest. Pricing informed by comparable transactions.
Comply and consent
KYC and AML checks embedded in the token. Transfer restrictions enforced by smart contract. GP consent managed through a digital workflow with full buyer visibility.
Settle
On approval, the smart contract executes the transfer. Ownership updates on-chain. Capital settles T+1. The partnership register updates automatically with an immutable audit trail.
Every participant benefits
LPs selling positions
- Exit in weeks instead of months
- Broader buyer universe improves price discovery
- Transaction costs reduced by 60–80%
- Standardised data eliminates weeks of back-and-forth
Buyers and secondary funds
- Access seasoned portfolios with real performance data
- Standardised position data for faster evaluation
- Broader deal flow beyond intermediary networks
- Shorter duration risk with established track records
General Partners
- Full control — approve or reject every transfer
- Pre-verified buyer credentials and KYC
- Real-time cap table visibility
- Audit trail for every ownership change
The regulatory window is open
The UK is building the regulatory infrastructure for tokenised securities in real time. Clearwater is positioning to operate within this framework from day one.
The market is signalling what comes next
Raised by Ares Management for its inaugural credit secondaries fund — double its $2B target
January 2026
Credit secondary fundraising in the first three quarters of 2025 — more than the previous three years combined
With Intelligence
Projected total secondary market volume by 2030
Coller Capital
Request early access
We are building the institutional infrastructure for private credit secondary trading. Join the waitlist to be part of the first cohort.