News & Analysis

French investment firm Peugeot Invest is offloading 35 PE funds to rebalance its portfolio.

A North American pension fund is exploring commitments to six funds managed by Ares, Blackstone, HarbourVest, Macquarie, Pantheon and Partners Group.

With peers facing substantial portfolio challenges, the $30bn endowment is urging restraint in what its leaders say is an environment for endowments akin to 2008’s financial crisis.

Without new capital coming in, the firm is considering an extensive continuation fund process that would extend its ability to make new investments.

Last quarter saw 11 continuation vehicles close, with a dozen more hitting or looking to hit the market, according to data gathered by Secondaries Investor.

Speaking at PEI’s Women in Private Markets Summit, representatives from investors including NYCRS expressed caution about the rise of CVs on CVs, saying such practice could make GPs appear ‘desperate’.

The hire is understood to bring the total number of professionals within the investment bank’s directs and secondaries team to 35.

The transactional nature of semi-liquid fund structures can place a lower importance on relationship building between investors and their managers, says Nicole Musicco.

The fund of funds specialist believes China could present interesting secondaries opportunities given a lack of buyer interest, managing partner Alex Sao Wei Lee said.

The two New York-based partners’ clients include Brookfield Asset Management, Coller Capital, PSP and StepStone.