MeltX, the online LP-led secondaries platform, has completed an accelerated £40m private debt secondary transaction on behalf of a UK pension scheme.

The transaction involved the sale of a private debt fund position from one UK pension scheme to a syndication of other UK pension schemes. With eligibility restricted almost exclusively to UK pension buyers, the deal required rapid mobilisation, competitive pricing and fast execution.

As an independent platform, MeltX was able to look across the UK pensions market to identify potential buyers. Leveraging its infrastructure, market insight and regular auction cadence, MeltX delivered swift access to a refined buyer universe, streamlined execution and reduced friction versus a traditional secondary sale.

The result: the seller achieved a swift sale to enable a risk transfer, while buyers secured an attractive entry point into their target fund.

The transaction was executed smoothly with legal support from Willkie Farr & Gallagher representing the sellers and Hogan Lovells representing the consortium of buyers.

Duncan Willsher, Client Director at Vidett, acting as independent trustee for the selling scheme, commented:
“We were in a dynamic, complex situation with many moving parts. Working with MeltX was a great experience. The team was experienced and knowledgeable, well connected and ultimately made our lives much easier.  They clearly understood how a pension scheme operates while also being able to push timelines and achieve a good financial outcome. This will ultimately allow the scheme to secure member benefits through a risk transfer that might otherwise not have been possible right now.”

Stuart Hanson, co-founder of MeltX, added:
“This transaction is particularly interesting because it validates three key convictions we had in building MeltX. Firstly, it shows that while there are lots of pension schemes looking to sell illiquid allocations, there are also pension schemes looking to access buying opportunities. Secondly, it shows that consultants have a big role in helping clients on both the buy and the sell side, so our independence is key to removing barriers to multiple consultants taking part in processes while managing their conflicts of interest. Thirdly, it shows that an online platform can help reduce friction in these processes and help pension schemes get liquidity quickly, at a fair price and for lower costs.”