Meridiam closed its North America continuation vehicle on Tuesday at about $4.5 billion, $2.5 billion of it new money. Meanwhile, ADIA and Coller are in talks to anchor Primavera's $1 billion ByteDance vehicle at 30% below the fund's mark, Bloomberg reported. In addition, GIC is weighing IMM Private Equity's Air First vehicle in Korea, Seoul Economic Daily reported. All three have a sovereign fund behind them, and GIC is in two.

The tape

• DEAL  M-One Capital closed its continuation vehicle for Scooter's Coffee on 1 October, co-led by Adams Street and Golub, ten days after filing for it.
• DEAL  Parthenon Capital closed a $455 million single-asset vehicle for the wealth manager NewEdge Capital Group on 29 September, with Campbell Lutyens advising, SecondaryLink reported.
• FUND  Hamilton Lane has passed $430 million for its first GP-led fund and plans a first close before year-end, SecondaryLink reported on 24 September.
• LP  Penn SERS cut its private equity target from 16% to 14% and approved $100 million for Reverence Capital, the sponsor behind the Osaic vehicle.
• DATA  Stanger counted on Friday $13.8 billion of third-quarter withdrawal requests at non-traded BDCs, 11.5% of their value against 12.7% in the second quarter.
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Meridiam closed its $4.5 billion North America vehicle

Meridiam closed its North America continuation vehicle on Tuesday at about $4.5 billion, after demand of more than $7 billion. Meridiam itself is a Paris infrastructure investor that Thierry Déau founded in 2005. The vehicle holds 15 infrastructure assets in the United States, Canada and Chile, taken from Meridiam's first two generations of funds. Its lawyers at Gibson Dunn put the new money in it at about $2.5 billion.

The sale had been in the works for ten months. On 3 December Infralogic reported that Meridiam was raising two vehicles with Campbell Lutyens. One of them was for a 2009 European fund and the other for MINA II, a $1 billion fund of 2010. MINA II's assets include LaGuardia's Terminal B, the North Tarrant Express in Texas and Maryland's Purple Line. The other, the European vehicle, closed in March at €2.2 billion, with GIC as lead buyer and about 30% of the commitments rolled in. MINA II's own vehicle found its buyers last week, with Ares, GIC and Pantheon backing it, as read here on Saturday.

Tuesday's release adds the size and the term. The size splits in two. Of it, about $2.5 billion is new money, and the other $2 billion most probably came from investors in the old funds who stayed in. The term, meanwhile, runs to 45 years, because the new vehicle extends MINA II's life that far and lets Meridiam hold its concessions to their end. However, the release gives neither the roll rate nor the price.

For reference, Evercore counts $12 billion of infrastructure secondaries in the first half, up 33% on a year earlier. Of that volume, multi-asset vehicles made 23%, its review shows on page 18. The vehicle's roll rate is the number still to come. Campbell Lutyens put that rate at about 30% for the European vehicle in March. The same figure for MINA II would say how many of its investors chose another 45 years.

Source: Evercore PCA, H1 2026 Secondary Market Review, p.18.

Primavera's ByteDance buyers pay 30% below its mark

ADIA and Coller Capital are in talks to anchor the continuation fund that Primavera Capital is raising for its ByteDance and Ant Group shares, Bloomberg reported on Tuesday. Primavera is a Hong Kong firm that Fred Hu founded in 2010, after chairing Goldman Sachs in Greater China. It joined ByteDance's $3 billion round in 2018, at a valuation of $75 billion. Its talks with ADIA were first reported by DealStreetAsia on 29 September, as read here yesterday, and Coller's name and the price are new.

The money would come mostly from ADIA, whose share would be $400 million to $600 million, about half of the $1 billion target. Coller's share would be $100 million to $200 million.

The stakes sit in an eight-year-old fund, Bloomberg says, which fits Primavera's third fund, first closed in May 2018. Together they are worth $1.5 billion at that fund's own valuation, and Primavera is selling at about 30% below it. That discount puts ByteDance at $400 billion to $450 billion, against the $600 billion at which Primavera's fund marks it, Bloomberg says. For reference, General Atlantic sold ByteDance shares at $550 billion in February, Reuters reported then. Before that, a secondary sale in November 2025 had valued the company at $480 billion, and its own buyback in 2024 at $330 billion. So ADIA and Coller would pay less than every buyer of the past year, and more than ByteDance paid in its own buyback.

ADIA and Coller would pay less than every buyer of the past year

ByteDance valuation by transaction, $bn, 2024 to October 2026

Source: Reuters, 25 February 2026, via Yahoo Finance; Bloomberg, 6 October 2026, via Enterprise.

ADIA would be the second Gulf investor to buy ByteDance through a continuation fund this year, after Lunate of Abu Dhabi. In May Lunate joined Singapore's state funds in a $3 billion vehicle that HSG, the firm once called Sequoia China, closed around its ByteDance stake.

Primavera's vehicle may already exist on paper, though neither its final size nor its investor line-up has been settled, Bloomberg says. Primavera set up Primavera Cornflower Investment Fund L.P. in the Cayman Islands on 28 May and registered it on 7 August, a day after its general partner. It is most probably the continuation fund under a project name, though it could also be a co-investment vehicle for another deal, and Primavera has announced nothing.

GIC weighs Korea's largest continuation fund

GIC is weighing a commitment to the continuation fund that IMM Private Equity is raising for Air First, Seoul Economic Daily reported on Tuesday. Its commitment would be the first time a major foreign investor backs a Korean vehicle of this kind, the paper says.

IMM is a Seoul buyout firm, and Air First makes nitrogen, oxygen and argon for chip makers, Samsung Electronics and SK hynix among them. IMM bought the business from Linde in 2019 for 1.3 trillion to 1.4 trillion won. In 2023 it sold 30% to BlackRock for about 1.1 trillion won, which valued the company at 3.7 trillion won. In May the firm set out to move the stakes held by its third and fourth funds into a new fund, Seoul Economic Daily reported on 12 May. That month an outside appraisal put the company at 4.3 trillion won.

Tuesday's report gives the shape of the deal. The deal values Air First at 4.2 trillion won, or $3.1 billion, so the stake moving across is worth about 3 trillion won. IMM plans to borrow more than 1 trillion won against that stake, so the new fund needs about 1.8 trillion won of equity, roughly $1.3 billion.

Air First's value has tripled since IMM bought it

Enterprise value at each transaction, trillion won

At about 3 trillion won of assets, the deal would be the largest continuation fund in Korea, Seoul Economic Daily wrote in May. The largest so far is Hahn & Company's 2022 vehicle for Ssangyong C&E, at 1.9 trillion won then. Meanwhile, GIC has the proposal in hand, and Korean institutions are expected to commit in large numbers. GIC sold $1 billion of fund stakes to HarbourVest last week. Its Air First commitment would be a purchase at three times what IMM paid for the whole company in 2019. IMM wants GIC's answer soon and the fund closed by December.

Seen before the press

KKR's credit arm has set up a vehicle with Evercore as placement agent, beside two partnerships named after its third middle-market lending fund. KKR - Hudson 2026 L.P. filed its Form D on 5 October from KKR Credit Advisors' San Francisco office. Its two sisters, KKR Lending - Hudson 2026 SQV and COV, filed the same day with KKR Associates Lending III as their promoter. That promoter also stood behind KKR Lending Partners III in 2017, a six-year fund that lends to mid-sized companies. KKR most probably built the three as a continuation vehicle for loans held by that 2017 fund, with Evercore running the sale. They could also be a co-investment or a financing sleeve, and so far nothing has been announced.

On the radar

• Tuesday 13 to Thursday 15 October, London. SuperReturn Global Infrastructure at the Hilton Bankside, the first infrastructure gathering since Meridiam's close, with Evercore expecting $20 billion to $30 billion of infrastructure secondaries this year.
• Wednesday 14 October, San Francisco. Anthropic briefs selected institutional investors at its headquarters ahead of a listing expected in November, Bloomberg reported on 1 October.
• Thursday 22 October, 9am, New York. Blackstone's third-quarter call, the first since it shelved Eclipse, its $3 billion securitization of about 700 fund interests, on 24 September.
• Friday 23 October, London. Baillie Gifford US Growth Trust's annual meeting at Stephenson Harwood's offices votes on Saba Capital's three board nominees. The board says Saba wants control of the trust's private holdings. Those holdings include OpenAI, Anthropic, Stripe and SpaceX.
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