Deals

The vehicle is expected to be $2bn in size once it is formally established, with room to get larger over time, Secondaries Investor understands.

The vehicle includes 22 infra assets, spanning highways, high-speed rail, hospitals, university accommodation and low-carbon solutions.

The deal sees a portfolio of private equity interests move into a new vehicle run by M&G.

The vehicle, named Andantino AV, has some CV components and houses Vitruvian’s ownership in four assets, Secondaries Investor understands.

The pension has been actively pursuing opportunities in the secondaries market over the past few years.

The deal marks the latest $1bn-plus CV the Luxembourg-headquartered firm has been involved in over the last several months.

Spanish manager Alantra has closed a continuation vehicle for its portfolio company Health in Code, with 25% of the capital earmarked for follow on investment.

The firm, which EQT recently agreed to acquire, has led on multiple multibillion-dollar credit CVs over the past several months.

While some participants have described secondaries activity as somewhat subdued in the early part of the year, numerous deals continue to work through their processes that had been launched last year.

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.