Pensions

Pennsylvania Public School Employees’ Retirement System’s sale included stakes in funds managed by New Mountain Capital, Apollo Global Management and Platinum Equity.

Credit and real estate secondaries could see $7bn and $11bn of deal volume each this year, per advisory reports.

The portfolio sale included full stakes in assets with vintages of 2013 and older and other partial stakes.

LP sales accounted for about $40bn, or 59% of activity in the first half, according to Jefferies’ half-year volume report.

MN brought the portfolio of private equity fund stakes to market this year, affiliate title Buyouts reported over the summer.

Details of how the firm’s secondaries funds have performed have been disclosed in documents prepared for a US public pension.

The $257bn pension has been seeking alternatives to secondaries sales to avoid taking large discounts in such transactions.

The US pension’s investment committed noted the global secondaries market is a more intriguing opportunity after deal volume hit a record in the first half of this year.

Investors including Alaska Permanent, Caisse des Dépôts, Skandia, New York City Retirement Systems and TRS Texas share their views on how this market can be improved and how they are positioning themselves to take advantage of CVs.

Data from the consultant prepared for Teachers’ Retirement System of Louisiana shows the strategy still has room to grow.