Marine Cole
The pension fund’s investment board has agreed to add private debt and infrastructure to its separate account, now encompassing the firm’s entire private markets platform.
Retail investors weren’t the only ones rethinking their moves in the midst of recent public market flux.
Traditional secondaries buyers are now using the secondaries market as an active portfolio management tool.
The Dubai-based firm had partnered with HarbourVest to invest in secondaries in the MENA region and was also raising a $150m debut fund.
Sovereign wealth funds may turn out to be opportunistic sellers rather than competition on the buyside, according to Rudy Scarpa of Pantheon.
Fabian Neuenschwander, senior vice-president at Partners Group, says that although some private equity groups with large secondaries capability may enter the real estate secondaries market, the supply/demand imbalance is likely to remain for some time.
The hiring comes a few months after investment consultant NEPC recommended that the $3.1bn pension plan makes its first commitment to a secondaries fund.
The Dallas firm held a first close with $14.7m for Traveller Capital Partners II, a little over a year after it held a final close on its first fund.
The fund, which is targeting $150m, has two different sets of fees based on the size of limited partners’ commitment.
The sale of $3bn-worth of real estate fund stakes will likely close before the end of the year.