Coller Private Credit Secondaries: Fees, Waiver and 5% Buyback

What this fund is, and what the November 3 filing changed

CollerCredit is the private credit sibling of the Coller secondaries funds we covered in our guide to private equity secondaries funds and in ten registered secondaries funds compared, which looked at Coller Secondaries Private Equity Opportunities Fund, a different vehicle. This one invests “in an actively managed portfolio of credit assets,” mostly bought from sellers of stakes in private credit funds: continuation vehicles (GP-led deals) and portfolios sold by limited partners (LP-led deals). Per the annual report, 53% of the portfolio at March 31, 2026 was LP-led and 47% GP-led, 91% was debt and 88% floating rate.

The November 3, 2026 document is a Rule 424(b)(3) prospectus under file number 333-282188. We compared its fee table with the one in the July 29, 2026 post-effective amendment (accession 0001213900-26-082749): every line matches. So the November filing is not a change in price. What it gives a reader is the current, complete set of terms in one place, and a chance to see what the fund says about itself months after the fiscal year its numbers describe.

Three facts the headline hides:

• Three classes, two in use. The prospectus offers Class I, S and D. The May 2026 tender statement says “The Fund offers two classes of Shares: Class S and Class I,” and the annual report shows Class S shares only from February 1, 2026. We found no outstanding Class D shares in the filings we read.
• The price per share starts at $5. The fund says each class was initially offered at $5 per share, and shares are sold monthly at net asset value (NAV). Class I NAV was $5.1895 at March 31, 2026 and Class S $4.9618.
• It is not an interval fund. The prospectus says the fund may “determine to adopt a policy in reliance on Rule 23c-3” and convert to an interval fund, which would require quarterly offers of 5% to 25% of shares. It has not done so.

The fee table, class by class

Every figure below is from the fee table in the prospectus filed November 3, 2026, as a percentage of net assets attributable to the shares. Dollar cost per year is our arithmetic on a round position.

What the table leaves out, in the prospectus's own footnotes:

• The incentive fee is a dash, not a zero. The Adviser is entitled to “12.50% of the Fund's pre-incentive fee net investment income for each calendar quarter subject to a 5.00% annualized hurdle rate, with a 100% catch up.” The hurdle is 1.25% a quarter. The fund “may have investment income that could result in the Fund paying an incentive fee in the first year of its investment operations.” It is paid on income, not on gains, and it is paid even if the portfolio's value falls: the risk section says the Adviser “is entitled to receive incentive compensation on income regardless of any capital losses.”
• The advisory fee base can be larger than your money. It is charged on the greater of NAV and NAV less cash plus undrawn commitments, with a cap of 2.00% of NAV. At March 31, 2026 unfunded commitments to investment funds were $129,683,160 against net assets of $505,174,823 (25.7%, our arithmetic). With no cash deducted, 1.00% on that base would be about 1.26% of NAV; the cap is 2.00% (our arithmetic, an upper bound, not a reported figure).
• Carry is on top. The 0.99% line is the portfolio funds' management, administration and fixed expenses. The prospectus says they “generally charge a management fee of 1.00% to 2.50%, and generally charge between 20% and 30% of net profits as a carried interest allocation,” and that the line “does not reflect any performance-based fees or allocations.”
• A placement fee is not the fund's fee. For Classes S and D, “financial intermediaries limit such charges to a 3.50% cap on NAV.” On $50,000 that is up to $1,750 once (our arithmetic), paid to the intermediary and not shown in the 4.20%.

The waiver: what the annual report says, and what the prospectus does not

The after-waiver column assumes a 0.25% reduction. The documents describe two arrangements behind it, and both have dates.

The annual report for the period to March 31, 2026 says the Adviser “has contractually agreed to reduce its Advisory Fee to an annual rate of 0.5% until the one-year anniversary of the Fund's commencement of operations.” The fund commenced operations on July 1, 2025, so that date is July 1, 2026 (our reading). The statement of operations bears it out: advisory fees of $3,876,560 and a voluntary waiver of $1,938,280, exactly 50.0% (our arithmetic). A second arrangement, the Expense Limitation Agreement, capped other operating expenses at 0.75% of average net assets and cost the Adviser a further $263,432 in the period; it has “a term ending one year from the date the Fund commences operations,” which the Adviser “may extend” year by year, and the fund must repay what was waived within three years if expenses later allow.

Total waivers and reimbursements in the first nine months were $2,201,712, or 26.8% of $8,213,735 of gross expenses (our arithmetic). The November prospectus states the same two terms but gives no date later than the first anniversary for either. We cannot tell from the filings we read whether the 0.50% advisory rate was extended past July 1, 2026. If it was not, the first-year waiver is gone and the “before waiver” column is the cost going forward; if it was extended, the prospectus does not say so. The next annual or semi-annual report is where to look.

What it actually cost in the first period

The annual report's financial highlights give ratios that leave out the portfolio funds' own costs, so they compare with the prospectus table only after removing the 0.99% line (our arithmetic).

The first-period cost came in below the prospectus estimate, mostly because the advisory fee was halved. If the waiver ended on July 1, 2026, the Class I annualized figure moves from 1.60% toward the 2.20% before-waiver ratio, plus the portfolio funds' fees (our reading). Total return is the fund's reported net asset value return, not a prediction.

Getting out: what the fund promises and what it does not

The cover of the prospectus says no shareholder “will have the right to require the Fund to redeem its Shares,” and the annual report says: “No Shareholder has the right to require the Fund to repurchase his, her or its Shares.” The prospectus puts the exit this way: Shares “will not be redeemable at an investor's option,” and “liquidity will be provided only through limited repurchase offers.”

The terms of those offers, from the prospectus and the two tender statements:

• Size and discretion. The Adviser “currently expects to recommend to the Board that, under normal market circumstances, the Fund conduct repurchase offers in respect of no more than 5% of the Fund's net assets on a quarterly basis. However, in any given quarter, the Fund may or may not conduct a repurchase offer.” The Board can also “postpone, suspend or terminate” an offer. The fund says it intends to make at least two offers a calendar year under FINRA Rule 5110(h).
• Price and fee. Shares are repurchased at NAV on the valuation date, less a 2.00% early repurchase fee if held under a year (first in, first out). The fee stays in the fund.
• Pay timing. At least 95% of the value is paid within 65 days of the notice due date; up to 5% can be held back until the annual audit is completed, and the value can be adjusted by the audit.
• Partial tenders. A holder who tenders part of a position must keep $10,000, or the fund “may redeem all of the Shareholder's Shares.”
• Oversubscription. If more is tendered than the offer, the fund may extend, repurchase pro rata or take other action the law allows.
• Language to weigh. “There can be no assurance that the Fund will conduct repurchase offers in any particular period and Shareholders may be unable to tender Shares for repurchase for an indefinite period of time,” and the fund “is designed primarily for long-term investors and an investment in the Fund's Shares should be considered illiquid.”

The two 2026 offers

The May statement's net assets of $510.8 million do not match the audited $505.2 million for the same date in the annual report (a gap of about 1.1%, our arithmetic). The annual report's own footnote says net asset values for financial reporting “may differ from the net asset values and returns for shareholder transactions,” which is the likely reason; the filings do not reconcile the two. We found no final amendment (Schedule TO-I/A) reporting how much was tendered or accepted for either offer, so the share of each offer requested is not verified. If the pattern holds, a fourth-quarter offer would be filed in mid-November 2026 with a December 2026 deadline; that is our expectation from the two dates above, not a filed date.

Where the money came from, and where it is

Two readings, neither a verdict. First, 94.4% of the capital added in the first period (our arithmetic) arrived by transfer from the seed vehicle, so the fund's size says little about retail demand; the quarterly sales that matter are the ones after March 31. Second, distributions ran well ahead of net investment income, and most of the period's profit was unrealized. The distributions are shown as paid “From distributable earnings,” and a fund that buys stakes at a discount and marks them up books gains before it collects cash. Whether the gap is covered by realized cash from the portfolio funds is not something the annual report lets us test.

The September 30, 2026 Form N-PORT lists 56 positions. The four largest, which we added up, are $243.8 million, or 43.6% of net assets:

The names are as filed, and the “CV” and “CON FUN” in them look like continuation vehicles (our reading; the filing does not spell them out). The annual report calls the portfolio “broadly diversified across vintages, managers, industrial sectors, and geographies,” with 34 fund managers and about 1,660 portfolio companies at March 31, 2026, so each large position looks through to many loans. In the N-PORT, 97.3% of the reported value (our arithmetic) carries no fair-value level ("N/A"); the annual report says funds measured at NAV as a practical expedient “are not required to be categorized in the fair value hierarchy,” which means these are valued at the managers' reported NAV, not at a market price. The fund had a $100 million revolving credit facility with Royal Bank of Canada, maturing March 4, 2027, “to satisfy repurchase requests, to meet capital calls and cover unfunded commitments.” The March 31, 2026 balance sheet lists no loan among its $4,958,628 of liabilities; the facility's use is a liquidity backstop, not a feature of the tender terms.

What a reader can do with this

None of this is a recommendation to buy or avoid the fund. These are the checks the filings support.

• Read the line you will pay, not the headline. The comparable cost for a $50,000 Class S position is 4.20% before waiver and 3.95% after it, plus up to a 3.50% intermediary charge on purchase, plus the portfolio funds' carry that the table does not show. Ask your intermediary for the fee they charge, in writing.
• Ask whether the waiver is still in force. The annual report's initial terms ended July 1, 2026. The prospectus table still shows a 0.25% reduction. Ask the fund or your intermediary for the current Advisory Fee Waiver and Expense Limitation terms and their end dates.
• Plan on 5% or less. A 5% quarterly offer is a ceiling the Board may not use. In the two 2026 offers, 5% was about $25 to $27 million for the whole fund. A position of $1,000,000 is about 4% of one such offer (our arithmetic), before any other holder tenders.
• Count the year. Selling inside twelve months costs 2.00%: $1,000 on $50,000 (our arithmetic). Sales are first in, first out, so a later add resets the clock only for the new shares.
• Check the result of the next offer. The Schedule TO-I/A with the final result is the number that tells you how much of the offer was requested. We could not find one for 2026 yet.
• Compare like with like. Our secondaries funds guide lists Coller's private equity fund at 3.26% to 4.11% total annual expenses; another private credit fund sold the same private way is covered in our New Mountain Private Credit Fund analysis.

An adviser can help you weigh the fee, the exit limit and the size of the position against your own plan, and compare this fund with the alternatives for your tax position.

FAQ

Sources, all read on November 5, 2026 from SEC EDGAR for Coller Private Credit Secondaries (CIK 2033620): prospectus filed under Rule 424(b)(3) on November 3, 2026 (accession 0001213900-26-115504); post-effective amendment (Form 486BPOS) of July 29, 2026 (0001213900-26-082749); annual report on Form N-CSR for the period July 1, 2025 to March 31, 2026, filed June 5, 2026 (0001104659-26-070884); Schedule TO-I statements filed May 15, 2026 (0001213900-26-057347) and August 14, 2026 (0001213900-26-089581); and Form N-PORT for September 30, 2026, filed October 29, 2026 (0001410368-26-110115). Dollar-per-year figures, sums and percentages marked “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.