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.
GIC is reportedly a prospective investor in the continuation fund, which values the South Korean gas manufacturer at $3.18 billion, up 13.5% from 2023.
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.
