Institutional Investor

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.

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

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

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.

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.

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

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.

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.

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

Even though some return mechanisms secondaries buyers have historically looked to are less attractive in today’s market, the OCIO firm is encouraging its clients to participate in the growing secondaries market both as a buyer and to reshape its programmes as a seller.