North America

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.

Will we finally see a wave of IPOs this year, or will VC GPs have to turn to the secondaries market to deliver liquidity to their investors?

The close of MCP Opportunity Secondary Program VI follows a rejig of Montana’s senior leadership last year.

The platform’s close marks the second notable debut GP-led strategy to close this year after Leonard Green closed on more than $3.6bn last month.

The $123bn pension system’s latest ambitions follow the creation of a GP-led-focused investment role in 2024.

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

The firm will take a ‘very opportunistic’ approach to expanding further into secondaries, CEO Connor Teskey said in its Q4 2025 earnings call.

Around two-thirds of the over 300 family offices surveyed by JPMorgan have no exposure to secondaries.

The firm’s inaugural credit secondaries closed-end fund reached $4bn with the programme totalling $7.1bn, marking it the firm’s largest inaugural fundraise, CEO Michael Arougheti says.