Asia Alternatives Management is selling around $500 million worth of private equity stakes in an effort to tidy up its portfolio, Secondaries Investor has learned.
The Asia-focused fund of funds manager has hired advisor Greenhill Cogent to help it offload a bundle of older fund interests, according to two sources familiar with the deal.
It is understood that the portfolio includes a mix of stakes from commingled funds of funds and separately managed accounts.
San Francisco-headquartered Asia Alternatives launched its first commingled fund of funds, the $515 million Asia Alternatives Capital Partners, in 2007, according to PEI data. It followed up in 2008 up with Asia Alternatives Capital Partners II, which closed $100 million above target on $950 million.
Its most recent flagship vehicle Fund V hit final close last September on $1.8 billion. The vehicle can allocate up to 30 percent to secondaries and direct co-investments, as Secondaries Investor reported.
Asia Alternatives has run separately managed accounts alongside New York State Common Retirement Fund, New Jersey Division of Investment and Pennsylvania State Employees’ Retirement System, among others.
The firm invests with managers in Greater China, Japan, South Korea, India, South-East Asia and Australia. Among those it has backed are MBK Partners, CDH Investments and Northstar Group, according to PEI data.
The volume of secondaries transactions involving fund of funds stakes increased 289.4 percent between the first half of 2016 and the first half of 2017 to $627 million from $161 million, according to Setter Capital’s Volume Report H1 2017.
Asia Alternatives and Greenhill Cogent declined to comment.