H.I.G. Secondaries
Saw that HIG is starting a GP-led secondaries strategy and poached MS’s secondaries team. Anyone have any insight on how the group will be built out?
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Based on the most helpful WSO content, there isn't specific information about H.I.G.'s new GP-led secondaries strategy or the details of their team poaching from Morgan Stanley. However, GP-led secondaries strategies are becoming increasingly popular in the private equity space. These strategies often involve creating liquidity solutions for GPs, such as continuation funds or single-asset SPVs, and can offer higher returns due to better access to information and more concentrated investments.
If H.I.G. is building out this strategy, they are likely aiming to capitalize on the growing demand for GP-led solutions, which have been gaining traction as GPs and LPs seek more sophisticated liquidity mechanisms. The success of such a group will depend on their ability to structure deals effectively, navigate the complexities of GP-led transactions, and differentiate themselves in a competitive market.
For more detailed insights, you might want to follow updates on H.I.G.'s announcements or look into discussions on WSO forums about similar strategies and team movements in the secondaries space.
Sources: Q&A: PE Secondaries Principal, Q&A: PE Secondaries Principal, Secondaries Comp / Culture in 2023, Differences between Co-invest and Secondaries?, Pitchbook: PE Secondaries to Boom in 2023
Team is, as you noted, from MS secondaries (the two new MDs are MSIM lifers who started as analysts and were both IC members), which was one of the first funds to form a dedicated GP-led fund called they called Ashbridge. Ashbridge tends to be more of a MM and LMM-focused player; although they've raised pretty large funds, they tend to deploy smaller cheques (~40-50 companies per fund) and are comfortable with being either the lead or a syndicate.
Seems like a good pickup by HIG and the team history seems like it's also a good fit for HIG's MM focus. They'll be in market fundraising for Fund I in early 2026 per the press release.
Where did you see this?
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