Marine Cole
Realisations were driven in part by secondaries, which also fueled growth of the firm's investment portfolio.
A secondaries sale would allow the $79bn pension fund to remove a connection with controversial payday lender ACE Cash Express.
Ajit Singh comes from the investment division of the United Nations Joint Staff Pension Fund, where he served as chief risk officer.
Butler, who spent more than 10 years at the firm, is seeking to work on more complex secondaries transactions.
Secondaries deals are being disrupted by the fact that most of the world’s major public stock indices have fallen between 3 to 8 percent this year.
The firm purchased the interest through two of its most recent funds.
The secondaries fund targeting retail investors is about $51m in size, including $11m invested in Insight Venture Partners’ funds.
The recent stock market volatility in Asia, particularly in China, is a boon to the private equity secondaries market in the long term, according to one investor.
Secondaries buyers and sellers seek more transparency and independence in valuation reporting.
The firm believes it exceeded the estimated industry average discount by 600 basis points.