North America

The $138.5bn system recently sold huge stakes of its private equity portfolio.

The buyout and growth firm is the lead buyer in the GP-led deal – the latest example of a non-secondaries firm backing a secondaries deal.

Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.

Liquidity from the system’s PE portfolio dropped off over the past two years.

LP-led deals drove the bulk of volume last year and accounted for 55% of total trading, according to data from the investment bank shared exclusively with Secondaries Investor.

Banner Ridge reached a $2.15bn final close for its latest flagship fund this year, smashing its $1.4bn target.

Many public pensions face governance issues when considering continuation fund opportunities.

The $50bn US pension system backed off a planned secondaries sale after prices came in too low.

Northleaf collected $1.3bn – above its $1.25bn target – for its latest private equity-focused secondaries fund last year.

The firm’s $22.7bn haul this week comes at a time when institutional investors are assessing the opportunity cost of their investments.