Limited Partners

‘Rolling LPs should be, but often are not, given a status quo option to retain the same economic terms of their investment,’ according to the institute’s latest report on CVs.

‘We tend to like single-asset continuation vehicles if the story is right if it’s with a sponsor that we think is the right owner for that asset going forward,’ according to deputy CIO Allen Waldrop.

The $524.4bn investor has been actively using the secondaries market as a portfolio management tool, as well as for buyside opportunities.

Continuation funds ‘need to be managed quite carefully, with a lot of communication and conflict management’, according to GIC’s Asia PE head Ankur Meattle.

The $3bn University of Nebraska Foundation sees ‘some value’ as a buyer in syndicated portfolio sales comprising 50 fund stakes, according to CIO Brian Neale.

CIO Nils Rode tells Secondaries Investor that CVs could eat into buyout dealflow over the next decade.

Bids on the portfolio were due this week, with the expectation that the process closes by end-September.

Secondaries will be a ‘really important’ part of the $104bn wealth manager and retirement plan provider’s initial build-out.

Oliver Gottschalg, professor of strategy and business policy at HEC Paris, has created a model to value secondaries fund stakes that analyses top-down factors, turning the market’s bottom-up approach on its head.

The Dutch pension administrator’s sale is part of a wave of sales processes that institutional investors are using to help manage their programmes amid an exit drought and a slowdown in distributions.