Private equity

The City of Fresno Retirement Systems is seeking a fund manager to construct a $120m private equity ‘fund of one’ which can include secondaries.

Private equity and real estate secondaries funds are seeking around $9bn more compared with the first quarter of last year.

Ryan Levitt, a decade-long veteran of the firm, has joined a turnaround, distressed debt and restructuring-focused investment firm, Secondaries Investor has learned.

Secondaries Investor’s annual law firm survey saw an increase in funds of funds and secondaries funds’ sell-side activity and a rise in complex deal types.

GPs need to show they can handle their end-of-life funds when raising a new fund.

Travails at the emerging markets private equity firm may present a buying opportunity, but it may be too big a stretch for most secondaries buyers.

Negotiations and arrangements for the remaining portfolio – including potential secondaries sales – can prove fiendishly complicated, writes Julia Corelli of law firm Pepper Hamilton.

Plans to simplify the limited partnership agreement are ambitious, lawyers say.

The firm has opened offices in Chicago and Los Angeles as it continues expanding its secondaries advisory and fundraising business.

The $50bn pension fund has made exploring the secondaries market, as a buyer and seller, a key strategic priority.