The sale, valued at around $6bn by net asset value plus unfunded commitments, ranks among the largest to ever trade.
Impacts from the broader economy, such as inflation, geopolitical turmoil and slower growth, have made it tougher to value assets in secondaries processes, with a wide gap between buyer and seller expectations.
Secondaries transactions in the asset class often bring more direct and indirect tax issues than those in private equity, write Macfarlanes' James McCredie and Sarah Shucksmith.
The firm, which is seeking as much as $585m for Keyhaven Secondaries Fund III, also made two hires last November.
The law firm has hired a fund finance specialist to take advantage of asset-backed lending, which has become an increasingly popular alternative to secondaries sales.
Energy and infrastructure secondaries accounted for 6% of the $134bn in deal volume last year, according to Evercore.
Secondaries Investor caught up with the secondaries giant's co-leads of Europe and Asia to discuss personnel changes and where it sees future growth.
The adviser and placement agent sees a growing opportunity in the US lower middle market, particularly in preferred equity.
The firm is replicating its private equity strategy in infrastructure, with its inaugural co-investment and secondaries vehicle.
The vast majority of deals from Israel Secondary Fund III, which is more than triple the size of its predecessor, are expected to be direct secondaries and GP-leds.