New details have emerged regarding the continuation fund for Azuria Water Solutions, which was co-led by HarbourVest Partners.
The 15-asset vehicle, among the largest GP-led infrastructure deals to date, drew more than $7 billion of demand and included around $2.5 billion of new capital.
Harrison Street's process sold 91% of shares offered, with 41% transacting at a 15% discount to NAV versus the 20% initially requested.
TPG GP Solutions II, which held a first close last year, had raised over $1.7 billion in capital commitments as of June.
The pension's PE team has seen increasing GP adherence to ILPA guidance on continuation fund transactions.
NorthSands Capital I targets single-asset continuation vehicles in well-known sectors, including industrials and industrial services companies.
The LP interests were reportedly priced at a discount of more than 10% and included software and other tech-focused buyout funds.
The single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
The transaction represents the largest infrastructure services-focused CV raised to date, according to a statement.
The New York-based firm was reported to be considering a $1 billion CV for a water infrastructure company last year.
