Key Takeaways
- • Hg has raised approximately €1bn (roughly $1.1bn) at the first close of its debut secondaries fund, Orion 1, taking it beyond the halfway point of its €1.75bn target, according to The Wall Street Journal.
- • Orion 1 reached the first close after around six months in the market and targets GP-led secondaries investments, including single-asset deals in software and technology-enabled services.
- • Dushy Sivanithy, who joined Hg from CPP Investments, where he led the secondaries business for more than seven years, heads the newly established GP-led secondaries team formed in January.
- • Global secondaries transaction volume hit a record $240bn in 2025, up 48% year on year, with GP-led deals reaching $115bn, up 53%, per Jefferies.
Summary
Hg has raised approximately €1bn at the first close of Orion 1, its debut secondaries fund, according to a report by The Wall Street Journal. The close takes the vehicle beyond halfway toward its €1.75bn fundraising target. Orion 1 is the firm's inaugural vehicle for GP-led secondaries investments and reached the milestone roughly six months after entering the market.
The raise follows Hg's establishment of a dedicated GP-led secondaries team in January. The strategy extends Hg's investment activity into single-asset transactions in software and technology-enabled services. The team is led by Dushy Sivanithy, partner and head of secondaries, who joined from CPP Investments, where he spent more than seven years leading the Canadian pension investor's secondaries business and launching its single-asset programme. Former CPP Investments colleague Daniel Ward has also joined the team. According to Hg's profile of Ward, the Orion team will target software and services businesses managed by other sponsors, applying Hg's sector expertise to GP-led opportunities.
Hg's fundraising comes amid strong growth in the broader secondaries market. According to Jefferies, global transaction volumes reached a record $240bn in 2025, up 48% year on year, driven by demand for liquidity and active portfolio management among investors and sponsors. GP-led transactions accounted for $115bn of that total, a 53% increase from the prior year. Jefferies also reported that continuation vehicles, which allow sponsors to retain assets while giving existing investors the option to sell, accounted for 14% of sponsor-backed exits globally.
The raise follows Hg's establishment of a dedicated GP-led secondaries team in January. The strategy extends Hg's investment activity into single-asset transactions in software and technology-enabled services. The team is led by Dushy Sivanithy, partner and head of secondaries, who joined from CPP Investments, where he spent more than seven years leading the Canadian pension investor's secondaries business and launching its single-asset programme. Former CPP Investments colleague Daniel Ward has also joined the team. According to Hg's profile of Ward, the Orion team will target software and services businesses managed by other sponsors, applying Hg's sector expertise to GP-led opportunities.
Hg's fundraising comes amid strong growth in the broader secondaries market. According to Jefferies, global transaction volumes reached a record $240bn in 2025, up 48% year on year, driven by demand for liquidity and active portfolio management among investors and sponsors. GP-led transactions accounted for $115bn of that total, a 53% increase from the prior year. Jefferies also reported that continuation vehicles, which allow sponsors to retain assets while giving existing investors the option to sell, accounted for 14% of sponsor-backed exits globally.
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