Christopher Witkowsky
Goldman Sachs is raising $300m and AXA is raising €600m to invest in LP stakes that are minimally funded.
The university endowment wants to boost liquidity by selling portions of its private equity fund interests, CEO John Powers told PEO.
The firm raised more than $1bn via two traditional private equity funds, while its listed fund of funds recently raised nearly $100m for fresh secondaries deals.
The pension will not look for new commitments for a while as it takes time to monitor the state of the private equity industry.
San Francisco-based Industry Ventures plans to capitalise on Little Hawk Capital’s focus on investments in smaller funds and unfunded commitments.
The $63bn public pension’s council held discussions last week about drafting a request for proposals to hire a secondaries programme manager.
The New York- and London-based firm spent about a year fundraising for a vehicle that ended up ‘substantially oversubscribed’.
The public US pension, which last reported assets valued at $16bn, decided to look for purchases on the secondaries market because ‘sellers were looking to sell high quality allocations at deep discounts’.
The direct secondaries firm, which has begun fundraising for Cipio Partners Fund VI in the US, recently purchased 10 venture investments from 3i Group.
The $50.6bn Massachusetts pension purchased the secondary stake in Denham Capital Management Commodity Partners V from Harvard.