Institutional Investor

The proposed purchase would increase VPIC’s exposure to an existing manager while helping close its $27m farmland allocation shortfall.

Norway’s $2trn-odd state fund is ‘wildly underallocated’ to property, to which it has a $60bn allocation, says real estate head Alex Knapp.

Investment committees are a taking a closer look before rolling into a CV amid rising deal volume, said panellists at IPEM Global in Paris.

In respect of their longstanding infrastructure portfolios, Abu Dhabi Investment Council is a keen trader of secondaries but the Swedish insurer isn’t, explain infra specialists Saoud Al Mulla and Hans Forssman.

While there have been instances of controversial GP-leds moving through the market, advisers continue to work in real time to improves practices, conference attendees at IPEM Global heard.

After years of buying and selling secondaries as an allocator, Yangge Seaman believes that while institutional investors often have the appetite and capital to pursue deals, they aren’t able to follow through. Her new firm, Gordian Investment Group, aims to bridge that gap.

While an increasing number of LPs are embracing CVs, they remain wary of overreliance on the structures, said panellists at IPEM Global in Paris.

Endowments and foundations using outsourced investment offices increasingly view GP-led secondaries as a way to deploy capital more quickly into private markets, prioritising performance opportunities over liquidity concerns.

Co-investments and single-asset CVs offer investors ‘greater control’, partner Zach Jackson says.

Some institutions are expected to lean into equity-based strategies as they seek a new home for 2026 credit allocations.