GP-leds

The transaction comes as the bank combines its private fund investment teams under the banner of HSBC Alternatives, which has $26.4bn in private market funds and mandates.

Infra topping the pricing chart and the rise of mosaic sales are two of the trends outlined by Greenhill's 2020 secondaries market review.

The $55.6bn asset manager is investing Pantheon Global Secondary Fund VI and related separate accounts, which raised $2.2bn by final close in June.

A recent GP-led deal involving an evergreen structure represents a novel way for infrastructure investors to hold on to assets. The question is whether such transactions can scale.

GP-led deals have taken a large slice of deal volume since the pandemic as buyers back away from diversified LP portfolios.

Total deal volume for last year was around $60bn – a figure in line with 2017 levels, according to estimates from the investment bank shared with Secondaries Investor.

Secondaries Investor catches up with Brenlen Jinkens, Todd Miller and Scott Beckelman to discuss their immediate plans at the financial services firm and how they expect the secondaries market to evolve.

The process on Giza V was run by Asante Capital, which in June hired ex-Rede Partners secondaries head Yaron Zafir as a senior advisor.

The continuation fund is worth $1.7bn and holds assets including a specialty chemical maker, a dental practice management company and a wire and cable producer.

The firm is in market targeting $1.25bn for its fourth secondaries fund and is set to launch a vehicle targeting GP-led deals.