Morgan Stanley first invested in RunTide Capital's continuation fund in January 2021.
The Seoul-based manager is reportedly targeting a year-end close for the $1.3 billion vehicle, with capital being sought from international and domestic investors.
The firm held the final close of its debut infrastructure secondaries fund during the quarter, reaching its $1.5 billion hard cap and marking StepStone's largest inaugural fundraise to date.
William Blair's latest survey found growing LP acceptance of continuation vehicles, despite limited rollover appetite and continued concerns over pricing and transparency.
The deal provided Sumer with fresh acquisition capital and included a debt refinancing backed by Ares, BlackRock, Pemberton, and Investec.
The reported deal comes four years after IQ-EQ was transferred into a €1.3 billion CV and follows indications in January that Astorg was considering a sale.
The deal will position KeyCorp's investment banking arm "to participate in the expanding market for the creation of continuation vehicles."
Mill Reef Capital Fund III will continue the Swiss firm's strategy of investing in smaller, often bespoke GP-led secondary transactions in Europe's small-buyout and lower-mid-market segments.
The transaction allows AE Industrial to retain its investment in a defense components distributor, while providing fresh capital for organic growth and potential acquisitions.
Last year, AEA's private debt platform completed its first continuation vehicle, a roughly $550 million transaction led by Carlyle AlpInvest.
