Limited Partners

While more LPs are participating directly in CVs and secondaries transactions, such investors remain ‘the exception, not the norm’ in the market, according to BCI’s global head of PE.

The industry body’s prior guidance was ‘silent on a lot of things’, chief executive Jennifer Choi tells Secondaries Investor.

Around 40% of LPs expect continuation vehicle activity to continue growing, with a number opting to take a more concentrated approach to this corner of the market, according to Coller Capital’s latest Barometer report.

JST senior manager Keigo Yumino says the university endowment’s infrastructure portfolio is ‘fully diversified’ – but personnel shortages remain a challenge in building its direct investment capabilities.

Mid-life investments can offer a solve to generate liquidity and realisations, stepping into the place of CV deals that can be complicated where co-investors have backed an asset, Neuberger’s head of European PE Joana Rocha Scaff says on the latest edition of PEI Group’s Commitment Issues podcast.

Secondaries are evolving from a problem-solving backstop into a strategic tool for North American LPs navigating liquidity constraints and portfolio complexity.

The $219bn system has seen ‘underwhelming’ performance from its largely LP-led secondaries portfolio, according to senior investment officer John Bradley.

The portfolio is being sold to a newly formed joint venture established between funds managed by Arrow Global Group and Fortress Investment Group.

Singapore-based partner Audrey The sees fast growth in the investment advisory firm’s wealthy client base in Asia and a continued rise in new allocations to private credit.

To try and smooth out pain points in the LP/GP relationship, LPs focus on top priority terms involving key person provisions, how carried interest is distributed throughout the organisation and standard of care/fiduciary duty, ILPA found in a recent sentiment survey.