Foresight has raised A$660 million for a vehicle that keeps its 30% of Kinetic, the bus operator, while the 2006 trust that held the stake is wound down. Hamilton Lane led it, Secondaries Investor reported on Thursday. iCapital, meanwhile, filed a wealth feeder into FoxPath's credit secondaries fund, and Blackstone launched an evergreen for individuals outside the US. The SEC votes on the rules for such feeders next Wednesday, so the money is arriving faster than the rulebook.

The tape

• Foresight closed an oversubscribed A$660 million raise on Monday for a continuation structure around Kinetic, advised by Macquarie Capital and Ashurst. Hamilton Lane led it, Secondaries Investor reported on Thursday.
• Vermont's pension investment commission is weighing a $30 million purchase of farmland fund interests from an existing manager, Agri Investor reported on Thursday.
• Investors in Ares Strategic Income Fund asked to redeem 13.1% of its shares this quarter against 14.4% in the second, Reuters reported on Thursday. The fund again paid 5%.
• Blackstone has launched Blackstone Private Markets Fund for individuals outside the US, Bloomberg reported on Friday. Quarterly redemptions are capped at 3% of net asset value.
• On Thursday iCapital filed for an access fund carrying the name of IEQ Capital, the California wealth manager, into FoxPath's credit secondaries fund. Nothing has been raised yet.
• Dorchester Capital, the Los Angeles credit secondaries firm, has raised $29.2 million from 13 investors since 9 September in a new offering of its sixth credit secondaries fund. First Avenue is placing it.
• CAP91 Partners, the Richmond firm of Harris Williams co-founder Hiter Harris, filed on Thursday for CAP91 CV Sleeve, with Harris Williams placing it and nothing raised yet.
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Foresight moved Kinetic out of a trust past its term

Foresight has kept Kinetic while paying out the investors of the trust that held it. The manager said on Monday that it had closed an oversubscribed A$660 million raise from Australian superannuation funds and international institutions. The money is "part of a continuation structure through which Foresight will remain a significant shareholder in Kinetic". Hamilton Lane led the vehicle, Secondaries Investor reported on Thursday, as Foresight winds down its Diversified Infrastructure Trust. The trust dates from 2006 and its term ended in mid-2024, so its assets are being sold over three years, Infralogic wrote in February 2025.

Foresight first invested in Kinetic in 2020. In November 2025 TPG Rise Climate agreed to buy 70% of the company, OPTrust sold out and Foresight kept 30%. The new vehicle "does not change Kinetic's shareholding structure", Foresight said, so its buyers hold a minority beside an owner that paid for control ten months ago.

Source: Foresight Group, 21 September 2026, and Secondaries Investor, 24 September 2026.

A closed-end trust that has passed its term owes its investors cash, so the manager has to sell whatever it holds at whatever the market pays that year. A continuation vehicle changes who the buyer is. New investors who want the asset for another term pay out the trust's investors, and the manager keeps the stake and the fee. For a super fund holding units in a 2006 trust, the exit therefore comes from other super funds, with TPG's price as the reference. Campbell Lutyens counted $10 billion of infrastructure secondaries in the first half, and 78% of it was led by managers rather than by selling investors.

Source: Evercore, H1 2026 Secondary Market Review, p.18; Campbell Lutyens, 1H 2026 Secondary Market Report; Setter Capital, Volume Report H1 2026, p.5.

iCapital opened a wealth door into credit secondaries

iCapital has put a wealth feeder in front of a two-year-old credit secondaries manager, five days before the SEC votes on how such funds may be built. On Thursday it filed for IEQ Capital Access Fund - FoxPath Credit Secondaries TE. Nothing has been raised yet. IEQ is the California wealth manager whose name iCapital put on a feeder into Blackstone's real estate secondaries fund last week. FoxPath, in turn, is the three-person New York firm whose debut credit secondaries fund this letter read on 29 July. So the marginal dollar for a debut credit secondaries fund now comes through a wealth platform. Blackstone, for its part, launched Blackstone Private Markets Fund for individuals outside the US on Friday, Bloomberg reported. The minimum is $10,000, about half of the fund is private equity, and quarterly redemptions are capped at 3% of net asset value.

The rules for the American version of these vehicles are on the SEC's table on Wednesday. The Commission will consider proposing changes to the rule that lets closed-end funds "make repurchase offers to shareholders at net asset value at periodic intervals". The same proposal would "expand the ability of regulated closed-end funds to issue multiple share classes". So every evergreen secondaries fund in the registry this letter reads runs on those two mechanics. Meanwhile the older vehicles are still working through their queues. Ares Strategic Income Fund's investors asked for 13.1% of their shares back this quarter against a 5% cap, Reuters reported on Thursday.

Seen before the press

Dorchester Capital has reopened its sixth credit secondaries fund to new money. Dorchester Credit Secondaries VI filed a new notice on Thursday from Los Angeles. It has raised $29.2 million from 13 investors since 9 September, of indefinite size, with First Avenue placing it and Mark Zucker, the firm's co-founder, among the officers. The same partnership had raised $284.6 million from 187 investors by December 2023, and Dorchester, founded in 2001, buys interests in credit and hedge funds from investors who want out. So Dorchester has most probably held a further closing of a 2022 fund that has found more to buy.

Source: SEC, Form D of Dorchester Credit Secondaries VI, L.P., 24 September 2026, items 1, 2, 12, 13 and 14.

The second filing came from Richmond, Virginia, and its title says what it is for. CAP91 CV Sleeve filed on Thursday from 1001 Haxall Point, of indefinite size, with Harris Williams as placement agent and nothing raised yet. CAP91 Partners is the firm that Hiter Harris, a co-founder of Harris Williams, set up with Matthew Engel to invest alongside private equity sponsors. Sponsors use a sleeve to set aside one pool's money for one deal. So CAP91 is most probably raising a slice from its own investors for a continuation vehicle that Harris Williams is advising. The sponsor and the company are not named, and nothing has been announced officially yet.

On the radar

• Monday 28 September to Thursday 1 October, Singapore. SuperReturn Asia has its secondaries session on the Tuesday at 12:25. Executed deals in the region remain "far and few between", Secondaries Investor wrote on Friday.
• Wednesday 30 September, 10am, Washington. The SEC's open meeting votes on proposing the interval fund and multiple share class amendments, the performance-fee rewrite and new accredited investor designations. A proposal opens a comment period, so the text matters more than the vote.
• Wednesday 30 September, 1pm, Guernsey. The deadline for Partners Group Private Equity's shareholders to elect realisation shares. The EGM follows on 7 October.
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