LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.
The Institutional Limited Partners Association chief executive questions whether the industry is equipped to serve a more demanding clientele.
Delaney Brown has overseen a secondaries team, led by Dushy Sivanithy, that joined the buyside of the single-asset market last year with a $1bn deployment target.
Some LPs have felt so frustrated at the way continuation fund processes have been run that they have decided not to re-up with their manager, representatives from the investor body told Secondaries Investor.
Pent-up demand among sellers facing liquidity pressures and looking to rebalance overexposure issues is expected to bring more processes to market, though later this year.
The sale follows a recommendation from SCERS staff and consultant Cliffwater to sell down commitments made to 2006-08 vintage funds to deal with overallocation.
The $72.4bn pension system's commitment pertains to a continuation vehicle for Esdec Solar Group, board documents show.
Michael Arougheti, Ares' chief executive and president, has previously said the secondaries industry is at an 'inflection point'.
LP portfolio sales took the majority of total secondaries market share last year in a reversal from 2021.
The $10bn system set a 5% target for its new private equity portfolio, with 75% of that intended for secondaries.