The £28bn UK pension scheme has bought an “early secondary” in Neuberger Berman Secondary Opportunities Fund II as the pension seeks to expand its co-investment activity.
The direct VC secondaries investor had $400m of interest from investors for its second fund.
The Paris-based firm, also in exclusive talks for some of Natixis' French private equity operations, has closed 'one of the largest secondary private equity transactions in history' with the purchase of a portfolio of mature fund interests.
For the first time, investors in private equity real estate are turning to the secondaries market, according to Joseph Stecher, CIO of the bank's real estate fund of funds.
Landmark’s Fund XIV reached its goal of $1.5bn, but has not yet officially closed. The target was lowered from the fund’s initial offering of $2.4bn.
The listed firm is expected to again team with Coller Capital to spin out a portfolio, but the potential transaction would see 3i become the manager of the assets in play rather than the seller.
The direct secondaries firm in 2004 acquired a large stake in email marketer eCircle - now owned by TA Associates - as part of a portfolio purchased from Deutsche Telekom.
The pension also spent $9m for a stake in Crestview Capital Partner’s second fund.
The Chinese sovereign wealth fund is reportedly investing $500m each in custom accounts with secondaries players Lexington Partners, Goldman Sachs and Pantheon Ventures.
The global private equity investor has changed hands for the second time in six years.