Despite the largest ever secondaries fund raised last year, total capital closed slipped to two-thirds of that raised in 2014.
Excluding carry, the fees and costs CalPERS paid to secondaries funds represents about 1.5% of total fees paid to private equity firms during the year.
Partners Group and Landmark dominate the list, accounting for almost $6bn in capital raised in the last 5 years.
Secondaries fundraising saw the third biggest year-on-year growth in 2014, beating buyout and real estate, according to a Bain & Company report.
Co-investments in secondaries can add another layer of complexity for LPs, according to a partner at London-based Coller.
Less than a quarter of them have either sold or purchased fund interests on the secondaries market, according to a survey by PEI's Research and Analytics division and Montana Capital Partners.
Blue Point Capital Partners came in second place while VMG Partners was in third position, according to a third-quarter report by Setter Capital.
More than 40% of those recently surveyed by PEI's Research and Analytics division and Montana Capital Partners see GP restructurings as negative.
The average pricing for secondaries transactions fell but some strategies, including tail-end funds, fared better.
The average net IRR for secondaries funds in the second quarter was up but long-term returns are little changed.