The Hong Kong Jockey Club is selling a portfolio of private markets funds stakes, in the latest in a run of LP-led secondaries sales to come out of the region in the past year.<\/p>\n
The secretive organisation is seeking to offload a $500 million portfolio, according to two sources familiar with the matter. The investments were understood to have been made via \u201can investment trust\u201d of the organisation, one of the sources said.<\/p>\n
According to HKJC\u2019s 2023-2024 Annual Report<\/a>, the organisation had HK$18.78 billion ($2.39 billion; \u20ac2.03 billion) in alternative investments under its Contingency Fund investments as of 30 June 2024.<\/p>\n Secondaries Investor understands Jefferies is advising on the deal.<\/p>\n Founded in 1884, HKJC is a non-profit organisation, with its main businesses focused on providing horse racing, sporting and betting entertainment in Hong Kong, as well as private club membership. The organisation also manages a charities trust, which donates to support areas such as youth development and poverty alleviation, per its website<\/a>.<\/p>\n HKJC\u2019s sale comes amid several other potential disposals from China-based sellers. China Investment Corp<\/a> had been mulling the sale of a concentrated private equity portfolio managed by US managers, Secondaries Investor reported<\/a> in April. It was understood that a potential deal could lead to a much larger process, sources said at the time. That sale was reported to have been pulled, Bloomberg reported last month.<\/p>\n Institutions in other countries within the region have also been active within the market over the course of the year.<\/p>\n Last month, it emerged that Malaysia\u2019s sovereign wealth fund, Khazanah Nasional Berhad, is seeking to offload a portfolio of fund stakes. The portfolio\u2019s total net asset value is understood to be more than $1 billion, sources told Secondaries Investor. The portfolio includes Asia-Pacific growth and venture capital fund stakes, as well as some Africa-focused fund stakes. Employees Provident Fund of Malaysia<\/a>\u00a0is also in market<\/a> with an LP-led process. The deal is understood to be around $1 billion in size.<\/p>\n Taiwanese insurance company Shin Kong Life has been offloading its private market investments in two separate sales, one involving an infrastructure portfolio, and another deal for UK-based credit specialist MV Credit\u2019s MV Subordinated IV Feeder and another fund. Ardian<\/a>\u00a0and\u00a0Blackstone Strategic Partners<\/a>\u00a0stepped up as buyers in the first transaction with\u00a0Pantheon<\/a>\u00a0taking the second portfolio sale.<\/p>\n