The fund has $250m of initial capital to invest primarily in secondaries and will target high-net-worth individual investors in the US.
Declining multiples spell trouble for deals done in recent years, when valuations were at historic highs, said ex-Ardian secondaries head Vincent Gombault.
UK head Olivier Decannière and former US head Benoît Verbrugghe are among those not listed as key people on the secondaries giant's ASF IX fund, which is seeking $15bn.
The GP-leds specialist firm, which is run by three former CPP Investments professionals, has been raising a fund focusing on single-asset opportunities.
While few established secondaries firms remain independent after a glut of M&A transactions last year, more groups than ever are seeking a seat at the table in the expanding marketplace.
Oaktree's parent company, Brookfield, has opened another front in its expansion strategy, having entered the real estate and infrastructure secondaries markets beginning in 2020.
Charles Wan, whose departure from Atlantic Pacific was reported in January by Secondaries Investor, will hire up to six people to cover Asia on a primary and secondary basis.
The €2.1trn asset manager, Europe's largest, is targeting €1bn in secondaries AUM by 2025, Secondaries Investor has learned.
A transaction involving Chinese insurance giant Ping An beat out continuation fund deals to win in the region as competition in the local market intensified.
Clearlake Capital's fourth 'Icon' deal was voted transaction of the year in the region, while readers selected Kirkland & Ellis as top law firm.