Limited Partners

The country’s largest public pension will pursue both private equity and private credit continuation fund opportunities, according to investment policy committee member Sam Y Chung.

There are some sizeable LP-led portfolios out in the market. However, one LP believes collateralised fund obligations and NAV loans could provide attractive alternatives to traditional portfolio sales.

As part of the system’s policy established in 2022, the pension has been building exposure to areas of private equity it may have skipped in the past such as smaller funds and growth-focused GPs.

The pension giant is understood to be looking to offload LP stakes valued between $2bn and just over $3bn.

Fund of funds sales represented the majority of LP transactions by asset managers last year, according to a recent full-year 2023 volume report.

Private equity secondaries will be a $500bn market by 2030, the firm’s founder and chief investment officer Jeremy Coller tells Secondaries Investor.

In this sixth episode of the Decade of Secondaries Investing podcast miniseries, we sit down with HarbourVest Partners’ Jeffrey Keay and PJT Park Hill’s Adrian Millan to discuss the phenomenon of repeat sellers in the secondaries market.

More LPs are considering secondaries sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.

Iron Road Partners’ Igor Rozenblit – former co-head of the SEC’s private funds unit – details concerns and red flags the regulator will be looking for following the passing of its private market rules last year.

In episode five of the Decade of Secondaries Investing podcast miniseries, Iron Road Partners’ Igor Rozenblit and Ropes & Gray’s Isabel Dische discuss the regulatory landscape facing secondaries and analyse which rules are set to have the biggest impact.