HLB Private Bank debuts two private market funds

The Private Markets Evergreen Income Fund is touted as having a "robust defensive framework."

HLB Private Bank has launched two new funds with Gaia Investment Partners.

The Global Private Equity Fund-of-Funds II (Total Returns Focused) is designed for long-term capital compounding and targets a net internal rate of return (IRR) in the mid-teens, the private bank said.

The fund’s portfolio is allocated across mid-market buyouts, co-investments, secondaries, and growth equity, HLB Private Bank said.

The Private Markets Evergreen Income Fund targets a total return of 8% to 10% per annum, with a 6% to 8% cash yield. The fund has a “robust defensive framework” that invests in US and EU senior direct lending, infrastructure credit, real estate credit, and intellectual property royalties.

By partnering with Gaia, HLB Private Bank is moving away from rigid, single-strategy constraints to offer true institutional-grade, multi-sleeve vehicles, said Jeffrey Yap, HLB’s managing director and regional head of wealth management.

HLB Private Bank is the affluent wealth management unit of Hong Leong Bank.