Asset classes

The pension has been actively pursuing opportunities in the secondaries market over the past few years.

The deal marks the latest $1bn-plus CV the Luxembourg-headquartered firm has been involved in over the last several months.

Holding on to laggard assets may conflict with the core objective of PE: maximising time-weighted returns for LPs, writes Adam Spence, of Partners Capital.

Spanish manager Alantra has closed a continuation vehicle for its portfolio company Health in Code, with 25% of the capital earmarked for follow on investment.

StepStone’s live secondaries fundraising also includes vehicles dedicated to infra and VC, executives said on the firm’s recent earnings call.

‘We really like the idea of building a secondary platform with a blank sheet of paper,’ KKR CFO Rob Lewin said on the firm’s Q4 2025 earnings call.

Pressures in private equity continued in 2025, with fundraising dipping by 17% year on year in 2025.

While some participants have described secondaries activity as somewhat subdued in the early part of the year, numerous deals continue to work through their processes that had been launched last year.

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

Sovereign funds and insurers are using third-time-round fund stake transactions as part of their portfolio management processes, write Caspar Berendsen, Álvaro Rosado and Robert Perry.