North America

The multi-manager has already deployed $1bn out of its latest secondaries fund and related vehicles, with an early emphasis on data centre investments.

The SaaS provider has generated large returns following Summit’s initial investment, with LPs given a range of options to roll or cash out during the CV process, Secondaries Investor understands.

Secondaries fundraising saw its second-strongest first six months across a six-year period, with Q1 accounting for the bulk of activity.

The continuation fund houses eight assets, with five to six making up the bulk of net asset value, Secondaries Investor understands.

The pension plan is hoping to reduce its allocation to buyout assets, increase its liquidity and cull ‘inactive’ GP relationships.

The vehicle, which surpassed both its $1bn target and its $345m predecessor, benefited from LPs’ increased sophistication around CVs, Carlyle AlpInvest’s Julian Rampelmann says.

A growing cohort of institutional investors are turning to real estate secondaries as global buyers look for exposure to in-demand asset classes.

The Keystone strategy is expected to remain relevant across fundraising cycles, says managing partner Ian Charles and partner Charlie Tingue.

The move marks the latest in a string of people moves across advisory and buyside players.

An Evercore vice-president joins as managing director and will lead the construction of Moelis’s LP-led secondaries business with three others, Secondaries Investor understands.