HSBC Sells Some PE Interests into New Secondaries Fund
Posted on 02/05/2021
HSBC Holdings Plc, through its investment banking unit, sold US$ 1 billion of private equity interests from its principal investments portfolio into a closed-end vehicle. The closed-end vehicle is called Private Equity Opportunities, which will act like a secondaries fund and have a target to raise US$ 1.4 billion. The new vehicle aims to make new investments as well. The fund will be managed by HSBC. Some of the LPs of the new fund are HSBC clients.
Some of the private equity interests include KKR Europe IV, KKR Americas XII, Charterhouse X, Montagu V, EQT Mid Market Europe, and others. All of the funds are of 2015 vintage year or later.
Evercore advised HSBC on the process.
At September 30, 2020, the HSBC Alternatives unit had US$ 26.4 billion in private market funds and mandates.