The pension system, which has a separate account to invest in LP stakes, is expecting a buyers' market and an uptick in secondaries dealflow.
The sale is being run in steps, with the first round of about $500m recently closed.
Permodalan Nasional Berhad has historically allocated more to secondaries due to increased liquidity needs, according to Rick Ramli, chief investment officer for private and strategic investments.
More LPs in Asia-Pacific are willing to cash out in a sponsor-initiated process to accelerate distributions than their North America and European counterparts.
The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.
CRPTF's investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.
The Institutional Limited Partners Association chief executive questions whether the industry is equipped to serve a more demanding clientele.
Investment officer Pushpam Jain says the pension’s exposure to commodities alerted it to opportunities in farmland markets it had tracked since 2018, which ultimately led to more than $500m in TIAA secondaries deals.
The $10bn system set a 5% target for its new private equity portfolio, with 75% of that intended for secondaries.
The investment firm is managing $200m from HESTA in a fund of one to invest alongside impact and sustainable private equity managers.