Nathan Williams

The stakes include up to $10m in secondaries funds in addition to buyout, credit and real estate fund interests.

The firm will focus on the smaller end of the market, paying single-digit millions for stakes.

SL Capital Partners' listed FoF paid a 2% premium, compared with a 2.5% discount for a stake in the same fund in September 2015.

Average bids for so-called unicorns will fall by 10 percentage points following a year of 'unrealistic' valuations, according to a report by the advisory firm.

The $26bn pension has backed two of the secondaries firm's funds with a combined $150m, half of what it committed to predecessor vehicles.

Pantheon, which conducted the study, is one of the private equity firms wanting to tap the growing defined contribution pension market.

The promotions include one to MD as the secondaries specialist gears up to raise more than $6bn across a private equity and real estate funds.

The global investment manager has held a second close for Hamilton Lane Secondary Fund IV, which has a $1.3bn target​.