Morgan Lewis Advises PGIM and LGT Capital Partners on $680 Million Private Credit Continuation Vehicle

NEW YORK, November 6, 2026: Morgan Lewis advised PGIM, the asset management business of Prudential Financial, Inc., and LGT Capital Partners with their investment as co-lead investors in a $680 million private credit continuation vehicle managed by Tree Line Capital Partners, a San Francisco–based direct lender focused on the US lower middle market.

The continuation vehicle acquired a diversified portfolio of senior secured, first-lien loans to more than 60 US lower middle market companies. The transaction provides liquidity to existing investors in several Tree Line direct lending funds.

The transaction underscores the growing importance of continuation vehicles as a liquidity solution in the evolving private credit secondaries market.

The Morgan Lewis team advising PGIM and LGT Capital Partners was led by partner Ted Craig, with partners Mark Opitz, Davis Truslow, Dan Nelson, Meghan McCarthy, and Marion Barish, and associates David Ambler, Paige Brown, Thomas Crociata, Thomas Turgeon, and Ian Tomesch.