HQ raises $250m for Asia secondaries fund
HQ Capital has closed an Asia-focused secondaries fund at the hard cap of $250 million as part of an oversubscribed global fundraising drive that has received $674 million in third-party commitments.
The Auda Asia Secondary Fund (AASF) had targeted a corpus of $200 million. It received $79 million from Auda Asia IV, HQ’s regional platform fund, and Auda Secondary Fund IV (ASF IV), a global vehicle launched in 2016 that has surpassed a $450 million target to close at $503 million. ASF IV and AASF are HQ’s fourth and fifth dedicated private equity secondaries funds.
The two funds were said to have attracted both existing and new international backers. LPs included insurance companies, pension funds, financial institutions and family offices, as well as high net worth individuals, endowments and foundations.
“The strong demand we have seen from investors demonstrates a continued high level of interest in secondaries,” Chris Lawrence, a managing director at HQ, said in a statement. “As the secondary market continues to grow and evolve, we look forward to applying our 29 years of experience and local market expertise in the US, Europe and Asia toward identifying and executing on attractive and innovative investment solutions.”
Investments for both funds will be in a range of $10-20 million, including the purchase of LP interests in buyout, growth equity, venture capital and other private funds. The funds will also target private equity fund recapitalizations and the purchase of direct positions in companies, either individually or as portfolios.
HQ was formed in 2015 by combining Auda Private Equity, Real Estate Capital Partners and Equita.
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