The US public pension has recommitted a venture capital fund through a secondaries transaction.
Outgoing CIO Gary Bruebaker says the $128bn US pension buys fund stakes when GPs get in touch directly.
The firm has raised €300m to invest in mid-market secondaries and co-investment opportunities.
The US public pension has backed Top Tier Capital's third venture capital secondaries fund.
LPs and GPs pass their judgment on the industry body's updated guidelines, with GP-led secondaries deals a prominent theme.
The Maryland-based public pension has backed Lexington's ninth secondaries fund.
The LP body’s latest best practice guidance recognises the growing role of GP-led secondaries.
Preferred equity isn’t new but firms such as 17Capital are applying it to private equity via dedicated funds. In this 26-minute podcast we speak to managing partner Augustin Duhamel about the strategy that is quietly taking the market by storm.
The secondaries giant invested $11bn in the strategy last year, up from $6.4bn the prior year, according to its latest annual report.
The US public pension has backed Stepstone Secondaries IV which is seeking more than $1bn.