Manager Strategy

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.

The private equity giant is looking at opportunities to acquire secondaries firms or set the unit up organically, according to co-president and co-COO Scott Nuttall.

The firm said its focus on 'targeted transactions' rather than buying large LP portfolios will work to its advantage in the current market.