infrastructure

The placement agent has formally launched a secondaries advisory business focused on credit and infrastructure, having soft launched two years ago.

Five years after the US power company's $17bn take-private, the energy-focused firm is rolling about 20% of the existing LPs into a single-asset vehicle.

ASF VIII Infrastructure has already invested 30% of its capital, including acquiring a $1.5bn portfolio offloaded by insurer Northwestern Mutual.

Goldman Sachs Asset Management currently invests in private equity and real estate secondaries through its Vintage family of funds.

There is a universe of potential deals in asset classes such as infrastructure not suited to typical secondaries funds, says Daniel Roddick, founder of Ely Place Partners.

The €21bn transaction is the second large recap the firm has done in five months that utilised little or no secondaries capital.

Blackstone’s Mileway deal is further evidence liquidity doesn’t have to come from the secondaries market – and that’s not necessarily a bad thing.

GIP is responsible for two of the largest-ever single-asset deals, having moved Gatwick Airport into a £3bn continuation fund in 2019.

The team led by former Strategic Partners executive Wandy Hoh is targeting LP-led and GP-led deals in the infrastructure space.

The Minneapolis-based firm expects to finish deploying its most recent programme, Clean Growth Fund V, by the end of this quarter.