Pensions

The change in the investment policy will streamline the SBI’s investment process and keep it in line with the policies of its peers, according to its CIO.

The vehicle will invest in a variety of strategies, including secondaries.

LACERS CIO Rodney June: ‘The opportunity set has grown’ in private equity secondaries market as $26bn pension eyes potential participation.

The pension fund’s sale of private fund stakes in private equity and real estate is understood to be substantial in size, Secondaries Investor has learned.

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

While some LP consultants argue it is difficult for LPs to gain access to top-decile secondaries funds, Vermont CIO Eric Henry argues that mentality can also be applied to the primary market.

The $38bn pension fund targets 40% in buyouts, 30% in secondaries, 20% in growth and 10% in venture capital within its PE portfolio, says CIO Hazman Hilmi Sallahuddin.

MN and its European peer APG are among a wave of global LPs seeking to offload private market holdings amid market uncertainty.

The €590bn Dutch pension manager’s sale is a re-engagement with the market after the system pulled a similar offering last year.

A key concern is that a GP may not have market-tested the highest selling price of an asset, according to the $212bn pension’s senior investment officer for PE.