The Hong Kong Jockey Club has sold a $1bn portfolio of private equity fund stakes to Canadian secondaries firm Dawson Partners, in one of the largest asset disposals by an Asian limited partner this year, Bloomeberg reports.

The transaction, advised by Jefferies Financial Group, involved stakes in funds managed by Blackstone and other major buyout firms. According to people familiar with the matter, the assets were sold at a small single-digit discount to their net asset value.

The sale marks a major liquidity event for the Jockey Club, Hong Kong’s largest taxpayer and holder of exclusive government licences for horse racing and football wagering. The organisation began exploring secondary market sales earlier this year as part of a wider push among Asian asset owners to free up capital amid longer private equity holding periods.

Founded in 2015, Dawson Partners has grown into one of North America’s most active secondary investors, managing about $20bn in assets across Toronto, London, and New York. Its founders, Yann Robard and Michael Gubbels, previously led secondaries and co-investment strategies at major Canadian pension plans.

The deal underscores the growing importance of the secondary market as a liquidity solution for limited partners across Asia. Pension funds, sovereign wealth funds, and family offices are increasingly selling legacy fund interests to rebalance portfolios and manage cash flows, often accepting modest NAV discounts in return for quicker capital access.

Market participants estimate private credit and infrastructure secondaries typically trade at 5–10% discounts, while venture and real estate fund stakes can be marked down by as much as 20–30%.

The Hong Kong Jockey Club’s sale follows a string of similar moves by large Asian investors, including China Investment Corporation, which earlier explored a $1bn offload of positions in global buyout funds before pausing the sale.

With deal volume rising and pricing stabilising, secondary transactions like this highlight the region’s growing participation in the global secondary market, once dominated by North American and European sellers.

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