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Partners Group targeting $12bn for new secondaries fund

Partners Group, a Swiss-based global private equity firm with $147bn in assets under management, is targeting $12bn for another private equity secondary strategy fund that will focus on deals in the Asia Pacific region, according to a report by Reuters.

The report cites Kevin Lu, a Partner at the firm and Chairman of Asia as confirming the launch of the new fund amid continuing growth in the secondaries market, which allows investors in private equity funds and private companies to make early exits to free their capital.

Speaking at the Milken Institute’s inaugural Global Investors’ Symposium in Hong Kongm Lu said: “We see much bigger deal flows on the secondaries side, which is why we just launched our number eight private equity secondary strategy (fund), It is going to be a $10-$12 billion strategy (fund), bigger than the last fund.”

The fund’s target size is ambitious given that only $12.1bn worth of capital spread across 28 funds has been raised in Asia Pacific during the first quarter of the year, according to Preqin data, the lowest quarterly value since January-March 2014.

Data from research firm PitchBook meanwhile, shows that Partners Group’s previous two secondary funds raised $3.2bn and $2.8bn in 2020 and 2016, respectively.

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