GI Partners is facilitating a process for limited partners in its fourth fund to cash out their stakes in Flexential, a data center business, amid a challenging fundraising environment. This GP-led deal could amount to approximately $1.3 billion, with bids already received from potential buyers. Co-advisors Goldman Sachs and Baird are managing the process, which allows LPs to either sell their stakes or roll into a continuation fund. GI Partners has owned Flexential since 2014 and previously sold a minority stake to Morgan Stanley Infrastructure Partners, setting its market value. Infrastructure deals represent a small fraction of secondary market activity.