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HSBC Global Asset Management has closed money-raising for its HSBC Vision Private Equity 2020 Fund, closing at just over $260 million. This is the second in an annual programme of Vision funds offering exposure to a global diversified portfolio by geography, sector and strategy.
The fund drew commitments from international investors, including the clients of HSBC Private Banking and HSBC Global Asset Management’s institutional clients. The fund will invest in a number of private equity opportunities ranging from primaries and secondaries to direct co-investments, the firm said in a statement yesterday.
The Vision programme was designed in partnership by HSBC Global Asset Management and HSBC Private Banking.
“During these turbulent times, we have harnessed the fundamental characteristics of private equity such as active management, access to capital and manager skill that allow it as an asset class to provide downside protection. We believe there is a strong crop of private equity managers to choose from in this period of lower valuations," Steven Ward, head of alternative products at HSBC Global Asset Management, said.
HSBC Global Asset Management said that the it expects to launch the next in a series of annual Vision funds in the fourth quarter of this year.
HSBC Global Asset Management’s alternatives team has $52.6 billion of assets, with $25.6 billion across private market funds and mandates.