In this sixth episode of the Decade of Secondaries Investing podcast miniseries, we sit down with HarbourVest Partners' Jeffrey Keay and PJT Park Hill's Adrian Millan to discuss the phenomenon of repeat sellers in the secondaries market.
More LPs are considering secondaries sales as pricing has strengthened since last year, with high-quality buyout funds capturing pricing at the 90% or higher net asset value range.
The system has not yet finalised a contract with a secondaries adviser.
A panel of LPs at PEI's NEXUS 2024 summit discussed trends and themes in private equity, including the use of secondaries to rebalance portfolios.
Heightened supply and the climbing cost of credit mean the pricing for infrastructure secondaries is increasingly attractive for buyers.
Virginia Retirement System and the State of Wisconsin Investment Board were among the most active LPs making secondaries investments last year.
Secondaries Investor reported in December that the Canadian pension giant had teamed up with Lexington Partners to lead the transaction.
The $19.1bn system looks to become the latest public pension to change rules to allow flexibility.
Many limited partner institutions either have used the secondaries market to sell fund stakes, or are ready to hit the market with sales as soon as pricing hits the right level.
The system recently changed its policy to allow for quick commitments to continuation funds.