The growing number – and size – of primary infrastructure vehicles will help fuel secondaries growth, according to Campbell Lutyens.
Around 18% of buyout funds of vintage 2005-08 are at or near their hurdle rate, many of which will not provide any more distributions to LPs.
The secondaries giant is seeking $12bn for the secondaries pocket of ASF VIII, having raised $14bn for its predecessor across primary, secondaries and co-investment sleeves.
HarbourVest Partners Ireland Limited, which will accommodate investment managers and other functions, is awaiting approval from the Irish regulator.
The secondaries market is making it harder for GPs to massage their fund performance figures, according to EMEA head Jim Strang.
The vehicle's close comes two months after Secondaries Investor reported the firm and Ardian were the buyers of a portfolio from American International Group.
The investment firm will commit to Bridgepoint's latest credit fund as part of the deal, Secondaries Investor understands.
Secondaries firms are among those who benefited from 10 years of post-crisis growth.
The vehicle will allow investors to buy and sell their equity stakes in the fund within minutes and without any negotiation process.
The $256bn Canadian pension has sold stakes before, including a large private markets portfolio to Ardian in 2016.