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The firm is planning to acquire Spring Bridge Partners, having bought Landmark Partners in June.
The St Paul-based organisation has backed four secondaries vehicles.
At a time when concentrated deals are all the rage, small primary fund commitments can offer necessary diversification benefits.
The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.
The secondaries pioneer's Beijing office opened in March and is led by Hong Kong-based partner and head of Asia Peter Kim.
The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.
Adding secondaries capabilities to the private equity giant's suite of offerings is not a 'have-to-do', according to co-chief executive Scott Nuttall.
Recent fundraises for timberland secondaries and GP-led European strategies illustrate a growing trend.
The $65.9bn manager will kick-start its investments in the asset class with secondaries as initial area of focus.
The private equity stalwart has appointed former Investec fund financing veteran Tom Glover to help grow a GP and NAV-based lending strategy.