Limited Partners

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

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

Whatever happens to the SEC rules, the trade group hopes the industry can unite to raise the floor on transparency.

Lazard expects deal volume this year to approach or exceed 2021 levels as LPs and sponsors seek innovative liquidity options in the secondaries market.

The EIF began backing LP-led transactions in buyout funds and hybrid debt-equity funds before investing in GP-leds in 2017, head of secondaries Joaquín Alexandre Ruiz Tarré tells Secondaries Investor.

More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.

The system recently changed its policy to allow for quick commitments to continuation funds.

LP portfolio sales led volume last year, clocking in at an estimated $60bn out of a total of $115bn, according to PJT Park Hill’s full-year volume survey.

Liquidity from the system’s PE portfolio dropped off over the past two years.

The $50bn US pension system backed off a planned secondaries sale after prices came in too low.