Pensions

Connecticut pulls potential secondaries sale due to weak pricing

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

Top five secondaries deals of 2023

Both LP-led and GP-led deals made it to the list this year as market participants seek innovative ways to access liquidity.

BP pension nears deal to sell portfolio worth as much as $800m

Corporate and public pensions continue to divest from illiquid assets amid persistent overallocation pressure.

Three spaces to watch in the market at year’s end

As we approach the end of 2023, here are three areas to keep an eye on – and yes, they all relate to the secondaries market’s capitalisation.

MassPRIM primed for continuation funds

Continuation funds are now part of the private markets play book. MassPRIM has approved a policy that will give its investment team more flexibility to back these vehicles as the opportunity rolls in.

MassPRIM looks to revamp continuation fund policy

The pension fund’s proposal covers processes that involve contributing additional capital in continuation fund deals.

Digging into UK pensions sales, a year on from the LDI crisis

British defined benefit pension schemes have been selling private markets exposure over the past year, though not under duress.

PGGM runs large secondary on its private equity portfolio as LP sales dominate

Pricing for secondaries has improved to a net-asset-value level of around 90% for buyout funds.

Florida SBA becomes ‘more aggressive’ on secondaries purchases

The pension system, which has a separate account to invest in LP stakes, is expecting a buyers’ market and an uptick in secondaries dealflow.

HarbourVest emerges as largest buyer of New York State Teachers’ portfolio

The teachers’ pension portfolio is among several that have moved through the market this year, helping to drive secondaries volume even as activity on the GP-led side of the market remained muted.