Fundraising

The firm is investing its Secondary Fund IV, which closed in November on €1.6bn after 18 months in market.

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.

Around 38% of capital for secondaries was raised in the fourth quarter, with Goldman Sachs, AlpInvest and HarbourVest accounting for the bulk.

Evercore advised on some of the biggest GP-led transactions last year, including deals involving Summit Partners, Audax Private Equity and TH Lee Partners.

The Nordics-focused manager started the Edda series of funds in 2018 to complement its longstanding direct secondaries offering.

Buyers told Setter Capital they expect global secondaries investing to reach an all-time high of nearly $90bn this year.

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.

Portfolio Advisors Secondary Fund IV, which targets US mid-market buyout funds, has received a $150m investment from PSERS.

Capital-raising for secondaries vehicles last year grew almost threefold, with Ardian, Lexington Partners and Goldman Sachs leading the charge.