The secondaries firm expects to match or exceed previous fundraising cycles despite the impact of covid-19, according to the chief executive of parent company BrightSphere.
CEO Kewsong Lee says there was a ‘huge cross sell’ between AlpInvest and the rest of Carlyle, with more than 40% of LPs invested in both.
The number of sponsor-led secondaries coming to market this year is expected to be bolstered by fundraising delays, rising demand in China for US dollar commitments and a backlog of transactions.
The firm is investing its Secondary Fund IV, which closed in November on €1.6bn after 18 months in market.
Secondaries has been a key driver of fee growth among Hamilton Lane's commingled funds and separately managed accounts, vice-chairman Erik Hirsch said on an earnings call.
The private equity giant joins TPG as the latest high-profile manager to raise a separate fund for GP-led secondaries.
The Nordics-focused manager started the Edda series of funds in 2018 to complement its longstanding direct secondaries offering.
The transaction comes as the bank combines its private fund investment teams under the banner of HSBC Alternatives, which has $26.4bn in private market funds and mandates.
The $55.6bn asset manager is investing Pantheon Global Secondary Fund VI and related separate accounts, which raised $2.2bn by final close in June.
GP-led deals have taken a large slice of deal volume since the pandemic as buyers back away from diversified LP portfolios.
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