The market dislocation means there may be more secondaries sellers than buyers, Aksia TorreyCove told the US pension.
The US public pension has made its debut commitments to two secondaries vehicles in 2020.
More than four out of five of funds to transact in the first half of this year were 2013-vintage or newer, up from half at the end of 2019.
The once niche strategy has gained traction in the face of stiff competition from banks and debt funds, data from the advisor's mid-year report show.
The US's largest public pension has been exploring ways to reach its target private equity exposure, including via secondaries investments.
TPG has become the latest multi-asset manager to enter the secondaries market and will probably not be the last this year.
Milan-based NB Renaissance Partners sold down part of its stake in a 'covid-proof' engineering business to a group of secondaries investors.
The CPPIB secondaries head will lead TPG's secondaries investment strategy in Europe and the US.
The portfolio acquired from a sovereign wealth fund is probably the largest-ever infrastructure sale, said Blackstone COO Jon Gray.
Australia's sovereign wealth fund sold more than $2bn of private fund stakes across several transactions.