Firms & Funds

The alternatives manager is raising the Special Opportunities fund alongside its flagship secondaries vehicle, which is targeting $3.75bn.

Greenhill's secondaries advisory unit, which has lost seven MDs in the space of a month, made its name executing some of the largest LP portfolio sales.

The firm manages FlowStone Opportunity Fund, which is targeted at high-net-worth individuals.

Three Greenhill MDs will be joining the newly formed secondaries advisory business at Jefferies, with a fourth moving to the buy-side.

Secondaries Investor reported in November that the Carlyle Group unit was targeting $8bn for its latest secondaries programme.

Alternatives has more than $6trn in assets under management, and only about $100bn of that trades hands in secondaries, according to the firm's president Jonathan Gray.

Yuan-denominated funds have raised magnitudes more than dollar-denominated funds, though a lack of buyers has hindered the growth of a secondaries market.

The process, which was also backed by two co-investors, centres on a 2010-vintage fund with 10 assets across software, technology and healthcare sectors.

Secondaries funds have raised record amounts so far this year and a big Q4 is likely – take a closer look at the figures in our latest interactive report.

The GP-led process centred on Hightower Advisors is one of several large, concentrated processes in market as buyers make up for lost time.