Michael Baruch
In one swoop, the asset management giant has added $34bn of fee-bearing alternatives AUM.
The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.
The acquisition of the BlackRock single-fund position could presage opportunity for pensions with a lower cost of capital than typical secondaries buyers.
The $25.3bn US public pension wants to sell private equity fund stakes and divest of non-strategic relationships, documents show.
The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.
Mid-market secondaries funds have seen an increase in inflows during 2021 after the big players staked out the battleground last year.
The Parisian secondaries shop is the latest to recognise opportunity in the mid-market in the shadow of secondaries mega-funds.
The VC secondaries market is booming but buyers should beware entering a booming market at a time of sweeping change.
Mike Custar and Jake Stuiver of White Plains-based secondaries advisory M2O discuss the return of the LP market as a counterweight to GP-led deals.
The asset manager is targeting space left by the ballooning mega-fund market, according to documents from US public pension fund VCERA.