Investors

There have been cases when continuation funds have been ‘misused and overused’, according to Teia Merring, senior investment director at USS and chair of ILPA.

The incoming administration is taking centre stage when it comes to events expected to shape the North American secondaries market this year.

The UK pension fund is about to close its second private debt fund, which it aims to scale to £500m, and is looking to consolidate GP partnerships.

The programme involves both GP-leds and LP-leds, Mathieu Forcioli, global and APAC head of alternatives for HSBC Global Private Banking, tells Secondaries Investor.

The New York City retirement systems confirmed that four of the five NYC pension funds are involved in the large LP-led secondaries transaction.

NYCRS, which oversees five pensions including NYCERS, has a secondaries programme in place with long-term targets ranging from 10-20% of its total PE portfolio.

The US pension giant considers secondaries investments an important contributor of distinct advantages not found in traditional commingled funds, according to Anton Orlich, managing investment director for private equity.

The continuation fund market is clearly where the market opportunity is going, according to Aware Super’s deputy chief investment officer and head of international Damien Webb.

Pursuing both strategies via a single fund allows for better market timing and greater diversification, according to Montana Capital’s Marco Wulff and Eduard Lemle.