Lps

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

The decision comes as part of ERS Texas’ continued commitment to the private equity asset class, bumping its fiscal year 2024 target up $50m from last year’s $600m targeted commitment.

The new policy would let ACERA’s staff make the decision to roll existing assets or portfolios into continuation funds if that falls in line with ACERA’s financial consultant’s recommendation.

The deal is part of a series of large LP sales driven by liquidity concerns, the need to rebalance investment exposures in investment portfolios and strong pricing for high-quality private markets funds.

LPs are turning to the secondaries market to address liquidity constraints amid improved pricing, as compelling supply/demand dynamics and structural innovations help fuel LP-led dealflow.

The €255bn unit of French financial giant BNP Paribas Group wants to sell a bundle of private equity and infrastructure stakes, Secondaries Investor has learned.

The Dutch pension giant had brought a portfolio worth $2bn-$3bn to market, Secondaries Investor reported in June.

The sponsor-initiated secondaries market will hit a stumbling block if incumbent LPs’ needs and wishes aren’t prioritised over those of incoming ones.

Some LPs not in need of liquidity use the secondaries market as a way to tweak their portfolio’s construction, which is the case with IMCO.