Christopher Witkowsky
The secondaries market, which suffered from a major gap between seller and buyer expectations, recovered in the latter half of 2009 as bids went up and traditional buyers returned.
The secondaries market will become much more active in 2010 ‘as continued portfolio net outflows force investors to intensify their search for liquidity'.
Bids that came in for the private equity stakes were not ‘on par with the value of the assets’, the endowment’s CEO John Powers told PEO in an interview.
PCG Asset Management would run the programme, which would target original commitments of between $5m and $20m.
Three months after announcing its first ever private equity commitments, the $27bn pension is mulling a move into secondaries to diversify its vintage year exposure.
The Florida State Board of Administration has committed more than $1bn to the asset class in 2009.
Goldman Sachs is raising $300m and AXA is raising €600m to invest in LP stakes that are minimally funded.
The university endowment wants to boost liquidity by selling portions of its private equity fund interests, CEO John Powers told PEO.
The firm raised more than $1bn via two traditional private equity funds, while its listed fund of funds recently raised nearly $100m for fresh secondaries deals.
The pension will not look for new commitments for a while as it takes time to monitor the state of the private equity industry.