Fundraising

The Asia specialist is seeking $850m for direct secondaries and sponsor-led deals, which account for a growing proportion of its investments.

Fund III is BEX’s first to offer ‘X shares’, which are exempt from management fees and carried interest, for non-governmental organisations and major non-profit foundations.

The US's second-largest pension fund committed $500m to ASF VIII, twice the amount it invested in the firm's previous secondaries programme.

The preferred equity specialist has raised almost $1bn for Whitehorse Liquidity Partners III, which launched in November.

The firm entered the real estate secondaries market in 2017, bringing in Deutsche Bank's Scott Koenig to lead the build-out.

The firm founded by former AlpInvest Partners exec Tjarko Hektor has beat the $250m target of its fund that will focus on the US small- and mid-market.

The fund's predecessor, the 2016-vintage, $894m Vintage Real Estate Partners, had achieved net IRR of 35.9% as of 31 December.

The firm is raising capital for its fourth secondaries fund, less than two years after collecting $950m for its predecessor vehicle.

The firm has hit the target of its Bridge No5-B Private Equity Secondary Investment Fund and launched its latest direct secondaries vehicle.

The firm will seek at least €433m for primary, direct secondaries and co-investments in the European and North American lower- and mid-market.