{
  "id": 14675323,
  "title": "Hg reaches €1bn first close for debut secondaries fund",
  "url": "https://urgent.news/2026/10/15/hg-reaches-1bn-first-close-for-debut-secondaries-fund",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-15T09:57:48.000Z",
  "source": {
    "name": "Private Equity Wire",
    "slug": "private-equity-wire",
    "url": "https://www.privateequitywire.co.uk/hg-reaches-e1bn-first-close-for-debut-secondaries-fund/"
  },
  "original_language": "en",
  "account": "Hg has raised approximately €1bn at the first close of its debut secondaries fund, surpassing half of its €1.75bn goal, as reported by The Wall Street Journal. Orion 1, the firm's inaugural vehicle for GP-led secondaries investments, achieved the milestone following about six months on the market. This fundraising effort succeeded after Hg established a dedicated GP-led secondaries team in January, broadening its investment strategy into single-asset transactions within software and technology-enabled services. The team, headed by Dushy Sivanithy, a partner and head of secondaries who transferred from CPP Investments, brings over seven years of experience in the Canadian pension sector, including leading their secondaries business and launching its single-asset program. Daniel Ward, another ex-CPP Investments colleague, also joined the team. Hg's strategy focuses on investing in software and services firms managed by other sponsors, leveraging the company's industry expertise for GP-led opportunities. The expansion coincides with a surge in the wider secondaries market, with global transaction volumes hitting a record $240bn in 2025, marking a 48% year-on-year increase, as per Jefferies. The bank attributes this growth to increasing demand for liquidity and active portfolio management among investors and sponsors. GP-led transactions contributed $115bn of this total, a 53% rise from the previous year. Continuation vehicles, enabling sponsors to retain assets while providing existing investors with an exit option, accounted for 14% of sponsor-backed exits globally, according to Jefferies.",
  "summary": "Hg has raised approximately €1bn at the first close of its debut secondaries fund, taking it beyond halfway towards its €1.75bn target, according to a report by The Wall Street Journal.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}