The oversubscribed vehicle for the mass transit operator was backed by Australian superannuation funds and international institutional investors.
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.
The CV would reportedly acquire ByteDance and Ant Group stakes at a roughly 30% discount to their combined $1.5 billion NAV.
The direct infrastructure secondary increases Transurban's ownership across three major Sydney transport networks.
The continuation fund will reportedly have its largest exposure to TikTok's parent, ByteDance, alongside Ant Group.
The potential vehicle follows Antin's July agreement to sell ~30% of the asset to GLIL Infrastructure from its €3.6 billion Fund III.
The multi-strategy investment firm is reportedly considering a $350-400 million CV for four portfolio companies.
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 oversubscribed vehicle for Ireland-based H&MV Engineering values the power infrastructure specialist at €1.4 billion, marking a 12x increase since Exponent's initial 2022 investment.
