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.
Astorg Partners' €1.3bn continuation vehicle process took top spot for Deal of the Year, while Kirkland & Ellis was crowned Law Firm of the Year in the region.
The European direct secondaries investor spun out of National Bank of Greece in 2016 in a process backed by Glendower and Goldman Sachs.
The secondaries pioneer has been expanding its offerings, raising $1.4bn for a debut dedicated credit secondaries fund and exploring a yuan-denominated strategy for China.
The firm, which spun out of New Enterprise Associates in 2018, raised two funds, including a special vehicle to buy portfolios being liquidated by other VC funds.
If it hits the hard-cap, the firm's latest fund would be 67% larger than its 2018-vintage predecessor.
The firm has been expanding its team as it seeks almost $1bn across three separate strategies.
ASF IX would be tied for the largest standalone fund dedicated to secondaries, alongside Lexington Capital Partners X, which launched in May.