HSBC Global Asset Management (GAM) has closed its second Vision Private Equity fund, raising more than $260m. The fundraising is in line with its predecessor strategy, wrapped up at $250m in June last year.
The vehicle aims to make primary, secondary and direct co-investments across multiple geographies, sectors and strategies, HSBC said in a statement.
The global fund is part of the Vision programme, designed in partnership with HSBC Private Banking and the bank’s latest move to offer its clients access to private equity investments.
According to HSBC GAM, the next launch is expected to the last quarter of this year.
Steven Ward, head of alternative products at HSBC GAM, said he believes there is a “strong crop of private equity managers to choose from in this period of lower valuations”.
“During these turbulent times, we have harnessed the fundamental characteristics of private equity such as active management, access to capital and manager skill that allow it as an asset class to provide downside protection,” he added.
HSBC GAM’s alternatives team has $52.6bn of assets under management, with $25.6bn across private market funds and mandates.
Source: Private Equity News
