Hg has raised approximately €1bn at the first close of its debut secondaries fund, taking it beyond halfway towards its €1.75bn target, according to Private Equity Wire. Orion 1, Hg’s inaugural vehicle for GP-led secondaries investments, reached the first-close milestone after around six months in the market, according to Private Equity Wire.
First close details and target
The first close for Orion 1 was approximately €1bn, and the target for the fund is €1.75bn, according to Private Equity Wire. The report cited by Private Equity Wire said the fundraise was disclosed in a report by The Wall Street Journal.
Orion 1 focus: GP-led secondaries in software and technology-enabled services
Orion 1 is Hg’s inaugural vehicle for GP-led secondaries investments, according to Private Equity Wire. Hg said the fundraising follows the establishment of a dedicated GP-led secondaries team in January, according to Private Equity Wire. The GP-led secondaries team extends Hg’s investment strategy into single-asset transactions in software and technology-enabled services, according to Private Equity Wire.
Team build-out: leadership and hires
The dedicated GP-led secondaries team is led by Dushy Sivanithy, partner and head of secondaries, according to Private Equity Wire. Sivanithy joined Hg from CPP Investments, according to Private Equity Wire. Private Equity Wire reported that Sivanithy spent more than seven years at CPP Investments leading its secondaries business and launching its single-asset programme.
Former CPP Investments colleague Daniel Ward also joined the team, according to Private Equity Wire. According to Hg’s profile of Ward cited by Private Equity Wire, the Orion team targets investments in software and services businesses managed by other sponsors, applying Hg’s sector expertise to GP-led opportunities.
Secondaries market data cited by Hg report
Private Equity Wire reported that Hg’s expansion comes amid growth in the wider secondaries market. Global secondaries transaction volumes reached a record $240bn in 2025, up 48% year on year, according to Jefferies as cited by Private Equity Wire. Jefferies attributed secondaries activity to demand for liquidity and active portfolio management among investors and sponsors, according to Private Equity Wire.
GP-led transactions accounted for $115bn of the $240bn total in 2025, increasing 53% from the previous year, according to Jefferies as cited by Private Equity Wire. Continuation vehicles accounted for 14% of sponsor-backed exits globally, according to Jefferies as cited by Private Equity Wire.
Widely known context: GP-led secondaries typically involve a sponsor-led process to provide liquidity options to existing investors through a secondary sale. Widely known context: continuation vehicles are commonly used within GP-led deals to allow a sponsor to retain an asset while offering existing investors the option to sell.
