The pension moderated the pace of new secondaries commitments, citing a high risk/return bar amid decreased market activity as a result of the pandemic.
Staff say they are seeing more GP-led secondaries than they have in the past, and are expecting to see more.
The $82bn public employees' retirement fund, which is overweight in private equity, plans to maintain its commitment pace and take other actions to get the portfolio right-sized.
Record volumes, lots of new entrants and GP-led deals with a little more 'hair on them' are among trends to look out for this year, according to industry leaders.
The preferred equity specialist says it closed transactions this year across Europe, North America and Asia from a total pipeline of around $20bn.
Some board members have voiced concerns about the pace at which the $20bn pension is implementing plans to branch out into secondaries and co-investments.
It follows pension’s $300m investment in Ardian's ASF VIII in June, its first commitment to a secondaries fund in more than a decade.
Yuan-denominated funds have raised magnitudes more than dollar-denominated funds, though a lack of buyers has hindered the growth of a secondaries market.
This week Secondaries Investor moderated a panel on the debt secondaries market hosted by sister publication Private Debt Investor. Here is what we learned from the discussion featuring executives from Manulife Investment Management, Tikehau Capital and Pantheon.
The deal involving Medicxi was based around six assets and completed at a premium to NAV, co-founder Francesco De Rubertis told Secondaries Investor.