LP Sales

The $25bn pension expects to use both the GP-led and the LP-led markets to offload indirect private equity exposure.

Bids on the portfolio were due this week, with the expectation that the process closes by end-September.

Oliver Gottschalg, professor of strategy and business policy at HEC Paris, has created a model to value secondaries fund stakes that analyses top-down factors, turning the market’s bottom-up approach on its head.

CIO of $6bn Midwest pension would prefer the system remain ‘more of a buyer than a seller’ when it comes to private equity funds.

The secondaries market has remained red-hot. While the area is not without its hurdles, uncertainty in the first half once again reinforced its worth.

Available secondaries capital grew to a record high of $302bn in the first half, with aggregate NAV of retail vehicles managed by secondaries investors surpassing $80bn as of March, according to a report from Jefferies.

Volume surpassed most full-year totals from the past decade in the wake of recent geopolitical tensions and macro uncertainty.

Sports-focused foundation joins a number of APAC institutions seeking liquidity via the secondaries market this year.

The average reported deal value per adviser went up $3bn from 2023, reflecting a surge in activity as secondaries activity hit historic levels in 2024.

While CalPERS has been a net buyer of secondaries in the past, poor distributions from private equity assets in these particular vintage years would cause the LP to look at opportunistic sale processes of certain managers.