infrastructure

The close comes after a ‘strict and intellectually rigorous process’ to move assets from the group’s first fund, according to chief investment officer Carlo Michelini.

The closing of Manulife Financial's stapled deal in June – among the largest in North America this year – is further evidence that large asset holders and managers have a third option for their assets.

The growing number – and size – of primary infrastructure vehicles will help fuel secondaries growth, according to Campbell Lutyens.

Partners Group Global Infrastructure 2018 is targeting €1bn and has a 60% allocation to primaries and secondaries.

The investment, which does not give Landmark an ownership stake, will allow Stonepeak to expand its credit business.

PE head David Layton is to replace Christoph Rubeli as co-CEO of the Swiss alternative investment manager.

The long-life vehicle, which will focus on regulated assets mostly in Europe, is targeting an initial €2.5bn.

The fund close comes a month after the firm raised $612m for timberland secondaries.

The firm acquires limited partnership interests in impact and ESG funds, among other strategies.

A US fund of funds acquired interests representing 25% of Meridiam's 2006-vintage debut vehicle.