Private equity

A new Illinois pension plan looks to build its private equity portfolio through a secondaries commitment.

The firm opened its first international office last year, two years after its tie-up with PGIM, and retains its Swiss heritage in its approach to deal-making.

The buyout giant initially backed Multiversity in 2019 before acquiring 100% of the online university group in 2021.

The deal involves transferring an asset to a continuation fund managed by TRP Capital, a lower mid-market player with no prior engagement in GP-led secondaries.

While GP-led inventory is high, the capital chasing such deals remains limited to a small universe of buyers.

Coller Secondaries Private Equity Opportunities Fund will be seeded with over $300m from the firm and other institutional investors.

Virginia Retirement System and the State of Wisconsin Investment Board were among the most active LPs making secondaries investments last year.

Ballast is led by managing partner Jon Popielarski, a former director of private assets at Employees’ Retirement System of Rhode Island.

There was a sharp spike in the use of deferrals last year, driven by improved pricing for GPs and additional benefits for secondaries buyers, according to partner Gerald Cooper.

Secondaries Investor reported in December that the Canadian pension giant had teamed up with Lexington Partners to lead the transaction.