Institutional Investor

In this extract from The Secondaries Market, Brian Mooney and Jeremy Joersz of Greenhill Cogent discuss seller motivations and buyside demand drivers.

The plans may include designing a metric to determine the US's largest public pension’s exposure on a total fund level.

The Singaporean sovereign wealth fund has noted that high pricing amid global market uncertainty will deliver inadequate returns.

The changes will enable the $209bn public pension to participate in restructurings and other complex secondaries transactions.

Two days after its chief investment officer hinted at possible cuts in private equity allocations, the Californian pension’s investment committee chair and board vice-president Henry Jones has said in a note on the pension’s website that the asset class is ‘essential’.

Ted Eliopoulos cited controversies over fee transparency and its governance system as the reason it may need to shrink its private equity allocation.

The Blackstone unit expects to take advantage of a rise in dealflow from mature assets.

The $2.5bn pension has sought to use the secondaries market as there was 'considerable opportunity cost' in holding the portfolio, according to its CIO.

Secondaries has made the second strongest contribution to the fund's PE portfolio since inception but is lagging over the shorter term.

Private equity performance for Canada's largest pension, which had C$59bn in the asset class at 31 March, was boosted by higher returns in the domestic and foreign developed market segments.