Secondaries

CFOs of private markets managers discussed at a recent event the challenges – and opportunities – they face in light of the explosive growth of the secondaries market.

Managing partner Stephan Wessel has been promoted to CEO with the firm hiring a new managing partner to lead its North America growth.

The New York-headquartered firm also promoted two employees to partner.

Blackstone expects to hold a final close for Strategic Partners Infrastructure IV in the first quarter of this year, according to pension fund documents.

Strategic Partners will soon begin fundraising for the successor to Strategic Partners Fund IX, which closed on $22.2bn in January 2023.

The New York State Common Retirement Fund made the two largest commitments last year to funds managed by TPG and Blue Owl.

LP-led deals saw a record $87bn volume last year as pricing continued to increase, according to a report from Jefferies.

The strategy will include raising a separate fund from New Mountain’s flagship vehicle.

The LP is exploring the proposition of offloading the stakes amid a secondaries market with record activity.

The fund, which manages around $110bn on behalf of nurses and teachers, is heading towards its private markets allocation targets after a period of build-up and growth. In this podcast, Deputy CIO Damien Webb discusses the fund’s view of the secondaries market.