UBS's 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.
The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian's former fund of funds head.
The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.
The deal overtakes Alaska Permanent Fund's $1bn sale of a portfolio of stakes to Strategic Partners in July last year, Secondaries Investor understands.
The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.
Village Global has backed stake-trading start-up Liquidly, which plans to open its first liquidity window in Q4.
The $81bn sovereign wealth fund is considering hiring an adviser to feel out pricing in the secondaries market, CIO Marcus Frampton said on Tuesday.
Academic Cyril Demaria and Greenhill's Bernhard Engelien debate the role of secondaries in portfolio construction and what LPs should bear in mind.
The US public pension is also under-allocated to secondaries versus its target, due to the denominator effect.
Community organisers cited the secondaries firm's 2019 investment in Pretium Partners, whose portfolio company HavenBrook is facing scrutiny.