HSBC Asset Management has held the final closing of its third directly-managed secondaries fund, Private Equity Opportunities III, which launched in December 2022, with total commitments of around $738 million, bringing total commitments across HSBC AM’s secondaries program to a combined $3.2 billion.
HSBC Asset Management (HSBC AM) has held the final closing of its third directly-managed secondaries fund, Private Equity Opportunities III (PE Opps III), which launched in December 2022, with total commitments of around $738 million, bringing total commitments across the HSBC AM’s secondaries program to a combined $3.2 billion.
PE Opps III comprised a secondary portfolio of 11 private equity funds and primary capital of $100 million for new commitments to “blue chip private equity funds and co-investments.” These are diversified by manager, geography, stage and vintage, with “an attractive private equity risk/reward profile,” according to HSBC AM.
Private markets firm HarbourVest was a cornerstone investor in the fund through its secondaries activity, with other investors including the clients of HSBC Private Banking and HSBC AM’s institutional clients.
The Private Equity Opportunities programme is part of HSBC AM’s ambition to grow its alternatives capabilities, which now fall under a single business unit, HSBC Alternatives, with a team of 168 professionals covering nine direct and indirect capabilities. HSBC Alternatives has combined assets under management and advice of $64.7 billion as at 31 March 2023, with $38.2 billion across private market funds and mandates.
