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 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.
GCM Grosvenor, Ardian, StepStone, North Hudson Resource Partners, and Phoenix Insurance anchored the single-asset vehicle for energy infrastructure company Next Wave.
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.
PJT has reportedly been selected to advise on trimming the sovereign wealth fund's portfolio.
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.
