Pensions

The path to a $1trn secondaries market just got a little clearer

Institutional investors like Korea’s National Pension Service entering the buyside is crucial if the market is to grow.

Korea’s $793bn NPS forms dedicated continuation fund, GP stakes teams

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.

Florida SBA: NAV loans, securitisations could be more attractive than secondaries

Such alternatives could be better options than selling fund stakes if LPs must take massive discounts, according to the $251bn pension’s senior investment officer John Bradley.

Stick or switch?

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.

CalPERS quietly probes market for pricing ahead of potential sale

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.

Dutch pension APG shops one of the largest LP portfolios of the year

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

Orange County pension picks four secondaries advisers

Raymond James, Evercore, Jefferies and Campbell Lutyens are in the wings for the pension fund’s secondaries sales route.

Partners Group emerges as buyer on USS’s PE secondaries sale

The USS sale marks the latest sizeable LP-led portfolio that Partners Group has backed in recent months.

Strategic Partners emerges as a buyer in Washington State portfolio sale

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.