Foresight raises US$427.1M continuation vehicle to back transit operator Kinetic

What's the deal? Foresight GroupDealroom has a profile for this one. Try Dealroom →, an infrastructure and real assets investment manager, has raised US$427.1M (roughly $460 million) for a continuation vehicle to invest in Kinetic, a global mass transit operator. The raise, advised by law firm Ashurst Perkins CoieDealroom has a profile for this one. Try Dealroom →, drew Australian and international institutional investors.

Why now? The transaction was oversubscribed, which Ashurst Perkins Coie described as evidence of surging demand for continuation vehicles and secondaries.

What's the endgame? Continuation vehicles let fund managers hold an asset longer while giving existing investors a chance to cash out. Ashurst Perkins Coie called this one of the largest single-asset continuation funds in the APAC infrastructure space.

James Ford, the investment funds partner who led the deal, said it delivered "an innovative liquidity solution" through the firm's global network.

The signal: Single-asset continuation vehicles are becoming a mainstream tool for infrastructure managers seeking liquidity without a full exit — and the appetite from institutional investors shows the secondaries market is deepening in Asia-Pacific.

Read more: nationaltribune.com.au

Image credit: Devon and cornwall Bus Spotter