An unnamed UK pension scheme has completed a £40m private debt secondary transaction, transferring a fund position to a syndicate of other UK pension schemes as part of its broader risk management strategy.

The transaction was facilitated by online LP-led secondaries platform MeltX and involved the sale of a private debt fund holding from one scheme to a group of UK pension buyers.

Eligibility for the process was largely restricted to UK pension schemes.

The deal was executed on an accelerated timetable, and required competitive pricing and swift execution.

MeltX ran the process and identified potential buyers from across the UK pensions market.

Legal advice was provided by Willkie Farr & Gallagher, acting for the seller, and Hogan Lovells, acting for the consortium of buyers.

Vidett client director, Duncan Willsher, acting as independent trustee for the selling scheme, said the transaction took place in a “dynamic, complex situation” with multiple workstreams.

He explained that the process enabled the scheme to complete the sale within the required timeframe and achieve an outcome that would support its ability to secure member benefits through a risk transfer that might otherwise not have been possible at this stage.

MeltX co-founder, Stuart Hanson, added that the transaction highlighted demand among pension schemes to both sell and acquire illiquid assets through the secondary market.

He stressed that consultant involvement on both the buy and sell sides remained an important feature of such transactions, and said that an online platform model could help streamline processes and support schemes seeking liquidity in private-market allocations.

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