Private equity

The €590bn Dutch pension manager’s sale is a re-engagement with the market after the system pulled a similar offering last year.

The Chicago-based firm previously ran a continuation fund process on insurance company AssuredPartners, which was later sold in an M&A deal.

Unlike more traditional continuation fund deals, no assets or fund stakes are being rolled into a new vehicle in this deal.

The firm, which was founded by former Cinven dealmaker Caspar Berendsen, will seek to acquire interests in funds that have underlying investments in mid- and large-cap PE buyout vehicles.

The semi-liquid fund aims to provide ‘diversified access to high-quality private growth companies’ through direct and secondaries, per a statement affiliate title PEI has seen exclusively.

ASP VIII attracted over 325 global investors across pension funds, insurance companies, asset managers and other types of LPs.

The fund has collected $365m, which is nearly double its launch target.

Lili Wang is evaluating new product strategies across private credit, private equity secondaries and real estate.

The $25bn pension expects to use both the GP-led and the LP-led markets to offload indirect private equity exposure.

Private equity managers are flocking to the secondaries market. Is there enough dealflow to go around and guarantee success?