Investors

The Danish retirement scheme favours indirect over direct investment in secondaries and has made commitments to all five infra secondaries vehicles managed by Pantheon, infrastructure funds head Mikkel Kjaersgaard tells Secondaries Investor.

The insurer had shopped a portfolio of funds and co-investments with a net asset value of $1.8bn, Secondaries Investor understands.

The specialist impact investing firm has raised a further $100m and held a second close for its debut dedicated secondaries fund.

Chief investment officer Vishnu Amble is keen on selling private equity fund stakes bilaterally as the family office pares its exposure to illiquid assets.

The UK life insurer seeks to back CVs involving assets that need more time and capital to support growth, as opposed to primarily allowing a GP to hold on to a trophy asset, infrastructure funds co-head Anish Majmudar tells Secondaries Investor.

The pension plan is hoping to reduce its allocation to buyout assets, increase its liquidity and cull ‘inactive’ GP relationships.

While more LPs are participating directly in CVs and secondaries transactions, such investors remain ‘the exception, not the norm’ in the market, according to BCI’s global head of PE.

The industry body’s prior guidance was ‘silent on a lot of things’, chief executive Jennifer Choi tells Secondaries Investor.

Mubadala’s indirect investments arm, which launched its secondaries unit in 2024, deployed $19bn in 2025.

Other European insurance firms, such as NN Group, are also looking at the secondaries market as they work to diversify their illiquid credit portfolios.