<div id="readability-page-1"><div>[LONDON] HSBC Holdings’ asset management (AM) arm is launching a private equity strategy targeting wealthy clients, the latest move by a major investment firm to boost its alternatives offerings for individuals.The fund will give investors exposure to secondary and co-investments from a range of general partners, HSBC AM said on Wednesday (Sep 3). The minimum investment can be as little as US$25,000 and varies by jurisdiction. It’s aimed at investors in the UK, Europe, Asia, and the Middle East. The vehicle has been funded with capital from HSBC’s insurance arm and invests in 10,000 underlying companies, with a total net asset value (NAV) of more than US$477 million. The firm seeks to raise about US$500 million from individual investors over the next 12 months, William Benjamin, HSBC AM’s head of alternative solutions, said. The move broadens the private markets offerings of HSBC AM, which is already a major allocator to the asset class. The unit of Europe’s largest financial institution managed total assets of US$808 billion at the end of June. Wealthy individuals only have a tiny fraction of their money in alternative assets, representing a vast growth opportunity. Wall Street giants, including Goldman Sachs, Morgan Stanley and BlackRock, have all launched PE strategies aimed at wealthy individuals over the past 12 months. Selling to retail investors offers asset managers the potential to earn higher fees than they would from pension funds and insurers who have a larger negotiating power. This comes as institutional customers have hit the limit of how much they are allowed to invest in private assets. Others have baulked amid a sluggish market for asset sales and scarce cash distributions that they can reinvest. Alternative asset managers have started to see some success with Europe’s wealthy, driven by launches of so-called evergreen funds that allow clients to periodically withdraw or contribute new capital – breaking from traditional closed-end structures that typically lock up money for seven to 12 years. HSBC AM is scrutinising buyout firms’ transaction teams and processes, no matter how often it’s worked with the general partner before, according to Benjamin. When it comes to valuing the investments, Benjamin said his team takes into account all NAVs from the underlying managers but then also calculates its own NAV. “We look all the way through to the underlying companies and assess whether the manager’s NAV is still appropriate, because that data can often be lagged,” he said. “So we ask: do we need to make any market adjustments? Have there been significant changes in certain sectors?” The analysis is done via independent valuation agents and then reviewed by HSBC AM’s valuation committee, which signs off on the final NAV. “It’s not just about taking manager NAVs at face value,” Benjamin said. “It’s important that the valuation is as accurate and robust as it can be.” BLOOMBERG</div></div>

汇丰控股有限公司

汇丰

汇丰控股

汇丰控股的资产管理部门正在推出一只针对富裕客户的私募股权基金，目标是在未来一年内筹集 5 亿美元。该基金将投资于 1 万家公司中的二级市场和共同投资，最低投资额为 2.5 万美元。这一举措扩展了汇丰资产管理在私募市场的产品，回应了富裕个人对另类资产日益增长的兴趣。该公司强调严格的估值流程，以确保准确的净资产值，从而在竞争激烈的市场中脱颖而出，主要竞争对手如高盛和黑石也推出了类似的策略

HSBC AM joins peers with private equity fund targeting wealthy

- 汇丰资产管理部推出针对富裕客户的私募股权策略。  
- 最低投资额为 25,000 美元，目标筹集 5 亿美元。  
- 该策略旨在拓宽私募市场产品，满足富裕个人的投资需求。

汇丰资产管理公司与同行携手推出面向富裕客户的私募股权基金