Institutional Investor

From ‘status quo’ to ‘remain in place’: ILPA updates CV guidance for an evolving market

The industry body’s prior guidance was ‘silent on a lot of things’, chief executive Jennifer Choi tells Secondaries Investor.

Secondaries may have a benchmarking problem

The lack of standardisation when it comes to benchmarking secondaries raises questions about how the strategy should be measured and whether traditional PE benchmarks are a good fit.

ADIC makes senior secondaries hire to oversee portfolio

Mubadala’s indirect investments arm, which launched its secondaries unit in 2024, deployed $19bn in 2025.

Swedish insurer LF eyes move into private debt secondaries

Other European insurance firms, such as NN Group, are also looking at the secondaries market as they work to diversify their illiquid credit portfolios.

Japan Science and Technology Agency begins to invest in infra secondaries

JST senior manager Keigo Yumino says the university endowment’s infrastructure portfolio is ‘fully diversified’ – but personnel shortages remain a challenge in building its direct investment capabilities.

CalPERS’ new alts head takes sophisticated approach to secondaries

Anton Orlich, architect of the US pension giant’s PE turnaround, will now also be responsible for its private credit, real estate, infrastructure and other alternative programmes.

UK’s Railpen seeks syndicate CV positions to complement primary programme

The pension fund backs single-asset CVs to gain or strengthen relationships with new and existing GPs, investment manager Pravi Prakash tells Secondaries Investor.

Alecta’s infra buildout: secondaries offers ‘market beta’ in asset class

While the Swedish pension fund plans to double its infrastructure allocation to $4bn via external managers, it will not be seeking out secondaries, head of alternatives Jonas Nyquist outlines.

Pantheon’s Hassanally: Debut CFO unlocks secondaries for constricted investors

The manager’s $1bn CFO created access for insurance investors that had lost the ability to back PE, while offering a compelling capital raising strategy for the firm itself.

Semi-liquids’ valuation conundrum

Apollo chief executive Marc Rowan’s comments this week point to a messy situation involving three of private markets’ hottest trends.