Board members referenced recent remarks from a Danish CIO that compared private equity to a ‘pyramid scheme.’
Investors who do not participate in GP-led secondaries could be incurring an opportunity cost of at least 15% over the long run, a study by Upwelling Capital Group has found.
CDPQ is among several sellers who have chosen to test pricing in the market, rather than engage in a full-out secondaries auction to sell fund stakes.
The situation is an example of the challenges of completing LP portfolio sales in today’s market, with a widening gap between buyer and seller pricing expectations.
The deputy CIO of the US's largest public pension would have authority to buy up to $2bn-worth of fund stakes without investment committee authorisation, documents show.
Secondaries Investor caught up with Adrian Millan from PJT Partners to discuss a market that's becoming increasingly relevant to liquidity-squeezed LPs.
Public pensions drove the LP-led market in H1, as allocation pressures led them to sell despite worsening price dislocation, Campbell Lutyens found.
Many public institutions in the US are exploring portfolio sales thanks to a confluence of factors that has left them at, or above, their private equity allocations.
LPs are beset with a glut of requests for re-ups from their existing managers, in many cases at a much quicker pace than ever before.
The invasion of Ukraine has driven up the price of energy stakes, creating an opportunity for LPs to sell without having to accept a big discount.