Lps

Oliver Gottschalg, professor of strategy and business policy at HEC Paris, has created a model to value secondaries fund stakes that analyses top-down factors, turning the market’s bottom-up approach on its head.

The Dutch pension administrator’s sale is part of a wave of sales processes that institutional investors are using to help manage their programmes amid an exit drought and a slowdown in distributions.

CIO of $6bn Midwest pension would prefer the system remain ‘more of a buyer than a seller’ when it comes to private equity funds.

An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount, according to research from Upwelling.

The endowment increased its 2026 policy target for private equity, looking to hit a 30% allocation mark in coming years.

Sports-focused foundation joins a number of APAC institutions seeking liquidity via the secondaries market this year.

The investment firm deployed $700m in GP stake secondaries alone in 2024, including a single transaction valued at over $500m, founder and chief investment officer Christopher Zook said.

While CalPERS has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.

Horizon II, a private equity mandate Federated Hermes was awarded by the BT Pension Scheme, has received the LP-interest financing.

Coller Capital’s latest Global Private Capital Barometer also found that over a third of LPs plan to increase their commitments to secondaries over the next 12 months.