The GP-led-focused vehicle, which remains in the market, has already surpassed its 2023 predecessor.
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 New York-based manager is also planning a successor to its GP-led secondaries fund in 2027 and is targeting an H1 first close for its debut credit secondaries offering.
The firm also expects to hold a first close for its tenth real estate secondaries strategy by year-end at more than 50% of its initial $2.5 billion target.
The strategy, anchored by a Korean institutional investor, has adopted an evergreen semi-liquid structure aimed at capturing emerging credit secondary opportunities throughout the cycle.
Following the establishment of a dedicated GP-led secondaries team earlier this year, the London-based firm has reportedly secured around €1 billion at first close.
TPG GP Solutions II, which held a first close last year, had raised over $1.7 billion in capital commitments as of June.
After closing on $1.5 billion in commitments for Hamilton Lane Infrastructure Opportunities Fund II earlier this year, the firm is expected to launch a successor in late 2026 or early 2027.
The strategy will focus on single-asset continuation vehicles alongside existing sponsor relationships.
The vehicle is targeting a first close before year-end and will focus on hard-to-access sponsor-led opportunities in small- and mid-market buyouts.
