Private equity

The firm has also made further leadership promotions and created two regional operating committees to ‘further strengthen local leadership’, according to a memo seen by Secondaries Investor.

The pair will eye ‘additional areas of collaboration’ amid the insurer’s plans to raise its alternatives exposure.

Daniel Ward, a former principal at CPP Investments, has joined Hg’s secondaries team as the firm builds up investment capacity in GP-leds.

Under the TPA an LP’s selling decision is more likely to be driven by opportunistic considerations, rather than breaches of asset allocation targets.

Many GPs have been seeking ways to sort out assets lodged in older funds, with limited partners increasingly seeking liquidity.

The firm is seeking to raise $300m for the strategy, head of private equity partnerships Nicolas Muller tells NPM.

The promotions bring the firm’s total number of partners to 28, according to a statement.

The vehicle surpassed its target by €350m, making it the Spanish firm’s largest secondaries fund to date.

Vehicles focused on the strategy collected nearly $166bn through final closes last year, marking a 48% increase on the prior biggest fundraising year.

Secondaries professionals share their insights into what they believe will continue to drive market activity in the New Year.