Secondaries has been a key driver of fee growth among Hamilton Lane's commingled funds and separately managed accounts, vice-chairman Erik Hirsch said on an earnings call.
The private equity giant joins TPG as the latest high-profile manager to raise a separate fund for GP-led secondaries.
The Nordics-focused manager started the Edda series of funds in 2018 to complement its longstanding direct secondaries offering.
The transaction comes as the bank combines its private fund investment teams under the banner of HSBC Alternatives, which has $26.4bn in private market funds and mandates.
The $55.6bn asset manager is investing Pantheon Global Secondary Fund VI and related separate accounts, which raised $2.2bn by final close in June.
GP-led deals have taken a large slice of deal volume since the pandemic as buyers back away from diversified LP portfolios.
The secondaries powerhouse's latest vehicle is 26% larger than its 2014-vintage predecessor and comes amid record highs for secondaries fundraising and GP-led volume.
Stéphane Chevrier, an early former member of Ardian's US secondaries team, will lead the niche firm's further push into the North American secondaries market.
The process on Giza V was run by Asante Capital, which in June hired ex-Rede Partners secondaries head Yaron Zafir as a senior advisor.
Portfolio Advisors Secondary Fund IV, which targets US mid-market buyout funds, has received a $150m investment from PSERS.