Fundraising

Ardian, StepStone, Adams Street Partners and CPP Investments are LPs in the firm’s debut buyside fund.

Benoît Durteste says investing the capital would not be challenging – a change in tone compared with comments he made in September regarding larger GP-led deployment.

The firm is seeking as much as $150m for Seine Capital Liquidity Solutions, which has a $200m hard-cap.

The firm disclosed the launch of its concentrated deal-focused GP-led strategy in May.

Patria Investments Secondary Opportunities Fund V launched in July and held a first close in September.

TPG believes its GP solutions platform will scale similarly to the firm’s other PE strategies, says CEO Jon Winkelried.

The oversubscribed vehicle is more than $300m larger than its predecessor.

Ardian has previously backed single-asset continuation funds out of its co-investment programme and via an SMA with a US public pension.

The firm’s 2024 Global Fund Program raised just over $1bn.

Secondaries are carving out a greater share of the private real estate fundraising market following successive record fund closures in the past 18 months.