HarbourVest is buying about $1 billion of private fund interests from GIC, Singapore's sovereign wealth fund, DealStreetAsia reported this morning. The same buyer took part of Yale's $1 billion sale last week. Meanwhile, the SEC proposed on Wednesday to let interval funds buy back shares monthly. In addition, Tree Line, a San Francisco direct lender, filed five vehicles for a continuation fund with Campbell Lutyens.

The tape

• FUND  Silver Lake filed on Wednesday for Silver Lake Partners Evergreen, placed by JPMorgan and Merrill Lynch, with nothing raised yet and no size set.
• LP  Partners Group Private Equity extended the deadline to elect realisation shares, read here yesterday, to 1pm on Friday because intermediaries were slow to process instructions.
• LP  UNC's endowment sold about $1 billion of SpaceX shares before the listing and returned 37.8% for the year, Bloomberg reported on 19 September.
• FILING  H.I.G. filed on Wednesday for H.I.G. Supreme CV, a continuation vehicle in Luxembourg of indefinite size, with nothing raised yet and no asset named.
• REGULATION  Meyer Global was sued by the SEC on Wednesday over $18.5 million raised for pre-IPO funds, one of which lost its SpaceX stake.
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GIC sold its fund stakes to HarbourVest

GIC has found a buyer for a portfolio of its fund interests. The buyer is HarbourVest, DealStreetAsia reported this morning. It is taking a portfolio of about $1 billion of private fund holdings from the Singapore sovereign fund. The portfolio "gives HarbourVest exposure to a diversified pool of fund interests", the report says. It names neither the funds nor the price.

GIC has been a seller for a year, in three processes that may or may not be the same portfolio. In October 2025 Bloomberg reported that the fund wanted to sell at least $1 billion of stakes in about 30 funds, with Evercore advising. Those funds included Blackstone, Apollo and TDR Capital vehicles of a 2016 vintage on average. Then in June the fund was close to selling up to $2 billion of private credit assets, also with Evercore, Bloomberg reported. In August the same outlet said GIC was offering $1 billion of interests in EQT and KKR funds, among others. PJT Partners was advising this time, and buyers had been approached in July. So the portfolio HarbourVest is buying is most probably the one PJT took to market in July, though DealStreetAsia does not say so. Nothing says whether the October 2025 portfolio ever sold.

GIC has been a seller for a year

Three sale processes since October 2025, and one buyer named

Source: Bloomberg, 27 October 2025, 17 June 2026 and 5 August 2026, relayed by Yahoo Finance, PE Insights and Private Equity Wire; Secondaries Investor, 25 September 2026; DealStreetAsia, 1 October 2026.

HarbourVest has now bought from a sovereign fund and an endowment in the same week. On 25 September Secondaries Investor reported that the firm was taking part of Yale's $1 billion sale, read here on Saturday. Meanwhile, sovereign funds like GIC sold 21% of LP-led volume in the first half, up from 12% in 2025, Evercore counts. For reference, Jefferies put the half-year's price for buyout portfolios at 91% of NAV.

Sovereign funds sold a fifth of LP-led volume in the first half

Evercore's seller split, H1 2026 against 2025

Source: Evercore, H1 2026 Secondary Market Review, p.14.

The SEC proposed monthly interval fund buybacks

The SEC voted on Wednesday to propose new rules for interval funds, a vote flagged here on Friday. First, a fund could defer its first repurchase offer for two years instead of two intervals. Second, it could make offers monthly instead of every three, six or twelve months. Third, it would no longer have to hold the whole repurchase amount in liquid assets. Fourth, closed-end funds and business development companies could issue several share classes under a rule instead of an exemptive order. Those orders number about 230, granted one by one since 2007, and the rule would replace them. Its three commissioners all voted for the proposal, the Wall Street Journal reported, relayed by Private Equity Wire this morning. Those commissioners opened a comment period of 60 days from the day the proposal appears in the Federal Register.

The proposal arrives as interval funds grow. They held $101 billion at the end of 2025, in 139 funds, the release says from Form N-CEN data. Five years earlier they held $38 billion in 58 funds. Behind them the chairman sees demand. "Investor demand for private market investment opportunities is growing," Paul Atkins said. Hester Peirce, a commissioner, also wrote that the longer deferral would "enable an adviser to ramp up the fund's investments". So a secondaries manager launching an interval fund next year could spend two years buying fund interests before owing anyone a repurchase.

Interval funds, by assets and number

From Form N-CEN, as cited in the SEC's proposing release of 30 September 2026

Such buybacks are already short at the largest credit evergreens. Those funds buy back 5% of their shares a quarter, and investors asked for 10% or more this quarter, as read here on Monday. So Cox Capital bid for their shares last week at 12.5% to 17.5% below NAV. Monthly offers, in turn, would give those investors more dates. The two-year deferral, however, would give the investors of a new fund none at all at first. Such a fund "would retain the option to initiate repurchase offers before the end of this period", the release says.

Seen before the press

Tree Line has set up a continuation fund for the loans of its older funds, and Campbell Lutyens is placing it. The fund arrives as five vehicles, all filed from the firm's office at 3 Embarcadero Center in San Francisco on Tuesday and Wednesday. First, Tree Line Continuity Fund I Onshore filed on Tuesday with an offshore sister. Second, a rollover vehicle for the same fund followed on Wednesday. Finally, two more rollover vehicles filed on Tuesday, one for Tree Line Direct Lending II and one for Direct Lending III. All five are of indefinite size and nothing has been raised yet.

Tree Line itself lends to companies with $5 million to $30 million of EBITDA. It was founded in 2014 by Tom Quimby and Jon Schroeder, and it manages $5.5 billion. In January it closed its fourth flagship fund at $1.1 billion, of which $724 million was equity. So the new fund is most probably a vehicle that buys the remaining loans of the second and third funds. It could also hold the firm's equity co-investments, and nothing has been announced officially yet. In August HarbourVest led a $730 million vehicle for the credit manager Willow Tree, for about 130 first-lien loans from its second fund.

On the radar

• Friday 2 October, 1pm, Guernsey. The extended deadline for Partners Group Private Equity's shareholders to elect realisation shares, with the result published on Monday 5 October and the EGM on Wednesday 7 October. A large election makes a listed seller of fund interests in the fourth quarter.
• Thursday 22 October, 9am, New York. Blackstone's third-quarter call, the first since it shelved Eclipse, read here on 24 September. Ares reports on 29 October.
• Tuesday 3 November. Cox Capital's offers for BCRED and HLEND shares, 12.5% and 17.5% below value, expire.
• November. Anthropic targets a listing after its third-quarter results, the Wall Street Journal reported on 18 September.
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