European mid-market private equity firm Inflexion is in market with a sizeable GP-led secondaries process, Secondaries Investor has learned.

The London-headquartered buyout shop is seeking a multi-asset continuation fund, according to four sources familiar with the matter. The deal would be over $2 billion in size, two of the sources said.

Inflexion is seeking to move four assets into the vehicle, according to two of the sources. Those assets are HVAC company Aspen Pumps, liquid pharmaceuticals business Rosemont Pharmaceuticals, fund administrator Ocorian and pharmaceutical company CNX Therapeutics, Secondaries Investor understands. All four businesses are headquartered in the UK, according to Inflexion’s website.

It is unclear which fund or funds the four assets are held in.

Evercore is understood to be advising on the process.

Inflexion has assets under management of £11 billion ($13.8 billion; €13.2 billion) and has backed over 120 businesses, according to its website. Its latest flagship vehicle, Inflexion Buyout Fund VI, closed on £2.5 billion in 2022 – £500 million ahead of target, according to data from affiliate title Private Equity International.

Inflexion is also understood to have hired Evercore’s former head of Asia-Pacific private capital advisory Shane Gong, Secondaries Investor understands. DealStreetAsia first reported the news. Secondaries Investor previously reported Gong was set to join a developed market private equity buyout shop that is about to establish a presence in Singapore.

Inflexion and Evercore declined to comment on the continuation fund process. Inflexion also declined to comment on Gong’s appointment.

GP-led deals made up 44 percent of the record $160 billion of secondaries deal volume seen across 2024, according to Evercore’s FY 2024 Secondary Market Review. Multi-asset continuation funds accounted for 19 percent of overall transaction volume, with single-asset CVs accounting for a further 19 percent.

Geographically, secondaries deals coming out of EMEA made up 27 percent of volume last year, with North America making up the bulk at 70 percent, Evercore’s report showed.

Recent continuation funds involving European-headquartered assets include Providence Equity Partners’ new vehicle for Spain-headquartered education group Globeducate. Secondaries Investor reported last month that TPG had stepped up as buyer on the deal. AlpInvest Partners was the lead investor for Gyrus Capital’s €600 million CV deal involving speciality pharmaceutical group Essential Pharma.

Lexington Partners and StepStone emerged as co-lead buyers on Milan-based impact firm Ambienta’s single-asset continuation fund for water management solutions company Wateralia.