North America

The investment bank has run what is understood to be its first GP-led secondaries process on PE assets in a CPP Investments-backed process.

The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.

The liquidity provider closed its debut fund in 2019, with support from Coller Capital, Goldman Sachs Asset Management and Morgan Stanley AIP.

The secondaries giant was expecting a first close on its LCP X flagship in the third quarter of this year, documents seen by Secondaries Investor show.

Mozaic Capital is advising on the process designed to rebalance the pension’s $120.5bn portfolio, amid the resurgence of LP-led deals.

The asset manager returns to the market less than a year after closing its $3.9bn fifth programme in February.

In one swoop, the asset management giant has added $34bn of fee-bearing alternatives AUM.

Adding secondaries capabilities to the private equity giant’s suite of offerings is not a ‘have-to-do’, according to co-chief executive Scott Nuttall.

Landmark is targeting $6bn for the first flagship PE vehicle raised under the ownership of Ares Management, which acquired the secondaries firm in June.

The financial services holding company, which has $1.5trn in AUM, is paying $1.75bn for one of the largest remaining independent secondaries firms.