XPS Xchange completes its largest private credit secondary purchase to date, bringing together three DB schemes

XPS Xchange completes its largest private credit secondary purchase to date, bringing together three DB schemes

11 Mar 2026

XPS Group, a leading FTSE 250 pensions and insurance consulting and administration business, today announces the completion of its largest private credit secondary purchase to date, facilitated through the XPS Xchange service. This brought together three defined benefit (DB) pension schemes to jointly acquire a c.£40m private credit fund holding at a discount to NAV.

This transaction, which completed in February, also marks the largest number of schemes to participate in a single XPS Xchange trade since the solution was launched. The deal created millions of pounds of value for the three participating schemes, and enabled them to access a diversified, seasoned private credit portfolio on attractive terms.

The purchase comes amid continued growth in private credit secondary market activity, as DB schemes increasingly explore ways to enhance returns, improve cashflow visibility and support run-on strategies while maintaining prudent risk management.

By collaborating on the transaction, the three schemes were able to achieve greater scale and purchasing power than would have been possible individually. The asset was traded via MeltX, a secondary market platform designed to improve access to the secondary market for pension schemes.

XPS advised and coordinated the transaction on behalf of the schemes, working alongside Vidett Trustees acting as Trustee to one of the schemes and Zedra Governance acting as advisor to another. Hogan Lovells acted as legal adviser to the three schemes.

James Kidd, Head of XPS Xchange, XPS Group: "We are very proud of this transaction. Bringing three schemes together to realise an outcome that they could not have achieved as individuals highlights the value of our specialist team operating at scale. Key to sourcing a suitable asset to purchase is being flexible and having a wide and diverse network of counterparties. We are therefore pleased to have completed this purchase through the MeltX platform."

Louisa Harrold, Client Director, Zedra Governance: "The XPS Xchange team were instrumental in delivering a smooth and well-coordinated execution of this secondary transaction. They worked hard and patiently to find an opportunity which aligned closely with our very specific objectives, including with the Scheme’s social objectives.  The due diligence carried out was thorough, enabling us to deploy capital into a portfolio with visibility on all of the underlying assets. This enhanced transparency reduced uncertainty, improved confidence in expected outcomes, and supported strong alignment with the Scheme’s long term investment priorities."

Jim Robson, Client Director, Vidett Trustees: "Our c.£50m Scheme is well funded and focused on managing risk and return to achieve the Scheme’s end game strategy. Securing an illiquid private credit fund at a discount through XPS Xchange delivered an immediate funding boost and strong long term contractual returns. The Xchange and XPS teams worked seamlessly with all other advisers throughout and demonstrated the high quality support schemes need when exploring run on."