One of the world’s biggest sovereign wealth funds GIC is working on a LP-led secondary sale process that could be as large as $3 billion in size, according to a Secondaries Investor report.
The sale reportedly comprised a core portfolio with a net asset value of about $2.8 billion, Secondaries Investor said citing sources. Original LP commitments totalled roughly $5.5 billion, they added, with around $500 million of unfunded commitments remaining.
The portfolio is concentrated in buyout funds, with North America accounting for about 60% of the exposure and Europe making up the balance. Underlying funds include Apollo Investment Fund VIII, Bain Capital Fund XI, and Blackstone Capital Partners VI.
The transaction also included an additional portfolio of fund interests that was offered on a ‘pick-and-choose’ basis to secondary buyers. Final bids were due in October.
