Hunter Point Capital, a NY-based independent investment firm, closed its debut GP Stakes fund at $3.3 billion, handily exceeding its initial $2.5 billion target. HPC Fund I is the largest-ever debut GP Stakes fund dedicated to private market strategies, according to the firm.

HPC Fund I purchases stakes in alternative investment managers and supports them with capital formation, business expansion, group purchasing, and finding talent.

Founded in 2020 by industry veterans Bennett Goodman and Avi Kalichstein, the firm invests across the strategy spectrum with GPs active in private equity, private credit, real estate and infrastructure across North America, Europe and Asia.

HPC has already collaborated with several well-known private market firms within credit, private equity, and secondary strategies, including Pretium Partners, Coller Capital, Inflexion, L Catterton, The Vistria Group, SLR Capital Partners, Iron Park Capital, and MidOcean Partners.

“Completing our first fundraise at over $3.3 billion provides further evidence that our brand of strategic partnership is resonating strongly with LPs,” said Kalichstein, CEO and co-founder. “We believe these LPs have recognized that there is growing demand among an exceptional group of investment management firms for a partner that can help them seize opportunities and face the challenges of growth over the coming decades.”

Other major recent GP stake fund closures include Blackstone Strategic Capital Holdings II ($5.6 billion in 2021) and Blue Owl Capital’s Dyal Capital Partners V ($12.9 billion in 2023). Other firms expanding their reach include Investcorp’s Strategic Capital Group, Azimut Alternative Capital Partners, and specialty firms like Xponance Alts Solutions, Kudu Investment Management, and Grafine Partners.

In addition, HPC launched GP Financing Solutions, a separate platform that aims to complement the fund by providing NAV loans and preferential financing solutions to existing GPs.