Investors

The US university that pioneers the ‘endowment model’ is selling its PE investments in the secondaries market for the first time.

While some LPs that had planned to sell into the secondaries market this year are mulling whether the time is right, others are ploughing ahead with their processes – for now.

The two continuation funds involve four assets from Leonard Green’s 2011-vintage Green Equity Investors VI, which NIC backed in 2011.

The sale follows the close of Ardian’s latest secondaries flagship programme on a record-breaking $30bn.

The Australian superannuation fund, which was looking to sell prior to the US’s tariff announcements, is facing difficulty gauging pricing amid recent uncertainty, head of PE Jenny Newmarch tells Secondaries Investor.

Montana Capital Partners acquired the interests via a strip sale which it then transferred over to a new vehicle managed by Prudential Financial.

Credit transactions accounted for 8% of the total $89bn LP-led volume last year, according to a report from Evercore.

Secondaries were seen as offering the best investment opportunities for about 28% of LPs this year, up from 24% in 2023, according to a survey from Adams Street Partners.

Some LPs are thrilled with the options being offered amid rising portfolio sale activity, while others are less receptive.

Alaska Permanent Fund’s deputy CIO for private markets, Allen Waldrop, explains why the SWF has been a buyer in the CV market and has not been a seller even when it has been overallocated to PE.