North America

The fund, which is seeking $750m, has already committed over $450m to new investment opportunities, according to documents prepared for a MWRA Employees’ Retirement System board meeting.

Fundraising in the first half dipped year-on-year to $34.5bn, with Hamilton Lane’s $5.6bn close on Secondary Fund VI marking the largest raise in H1 2024.

Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.

While it’s easy to point to liquidity constraints as an anomaly, the market believes secondaries’ record-breaking streak should continue.

The fund has invested nearly $3bn as of June, according to documents from the MWRA Employees’ Retirement System.

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

Martin Longchamps, head of private equity at the $319bn Canadian giant, discusses how secondaries sales helped bring the pension’s PE allocation back on target.

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser’s mid-year report.

It is understood Lazard’s head of US secondaries advisory Amanda Ugarte will join the investment bank to lead and build out its secondaries advisory team.

There’s a new type of entrant to the secondaries buyside, and it’s not your typical buyout-come-secondaries firm.