The single-asset vehicle is centered on Consumer Cellular, a US mobile virtual network operator that GTCR initially backed in 2020.
GIC is reportedly a prospective investor in the continuation fund, which values the South Korean gas manufacturer at $3.18 billion, up 13.5% from 2023.
The transaction extends the manager's hold on a portfolio of predominantly senior, US-focused direct lending investments.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
The 15-asset vehicle, among the largest GP-led infrastructure deals to date, drew more than $7 billion of demand and included around $2.5 billion of new capital.
An institutional LP is considering rolling approximately $300 million of existing exposure across two funds into the new vehicle, after participating in the manager's European CV earlier this year.
The single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
Hamilton Lane and Lead Edge are reportedly leading the continuation fund, with CPP Investments committing $50 million to the vehicle.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
The single-asset vehicle extends the infrastructure specialist's hold on a Peruvian private power generation company.
