Hong Kong Jockey Club sells US$1 bln fund stakes to Canada's Dawson Partners: Bloomberg

The Hong Kong Jockey Club has reportedly sold US$1 billion (HK$7.8 billion) in fund investments to Toronto-based Dawson Partners, in what is viewed as one of Asia's largest institutional asset portfolio sales, Bloomberg reported.

The transaction includes the Club's investments in Blackstone and other funds, sold at a discount of several percentage points to their net asset values. Jefferies acted as financial advisor on the deal.

Founded in 2015, Dawson Partners is an alternative asset manager overseeing about US$20 billion in assets as of end-2024. The firm employs more than 200 people globally and maintains offices in London and New York.

Reports of the Club's plan to reduce US asset exposure by selling US$1 billion in investments first emerged in July. Such large-scale secondary market sales are considered unusual for the institution. 

At the time, other Asian funds and wealthy investors were also said to be scaling back US investments amid growing economic uncertainties stemming from US President Donald Trump's trade policies.