Limited Partners

LPs want liquidity and GPs want to be in a position to offer it to them, while both want secondaries volume.

The innovative transaction involves StepStone providing funding for MLC Private Equity’s seed portfolio and additional capital for its new investments.

Kaiser Permanente has returned to the secondaries market with its third billion-plus portfolio in three years. As first-timers come to market, the secondaries market is hopeful more LPs will take a regular approach in the years to come.

The deal comes as LP secondaries sales keep steady and drive activity with strong pricing and sellers eager to capture liquidity from private equity portfolios.

The system has not yet finalised a contract with a secondaries adviser.

The deal is an example of the kind of complex transactions LPs can use to capture liquidity from their private equity programmes at a time of slow exit activity.

LP sales continue to drive secondaries activity as limited partners look for ways to capture liquidity from their illiquid PE portfolios amid a slowdown in distributions.

Panellists at PEI Group’s NEXUS 2024 summit discuss the blurring of the lines between secondaries and co-investments.

Cathay Life and some of its fellow Taiwanese insurers have been pulling back from private markets due to current and impending regulatory capital requirements.

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