LP Sales

The New York City retirement systems confirmed that four of the five NYC pension funds are involved in the large LP-led secondaries transaction.

NYCRS, which oversees five pensions including NYCERS, has a secondaries programme in place with long-term targets ranging from 10-20% of its total PE portfolio.

As private markets AUM continues to grow at a clip, so too does the number of legacy funds held onto by institutions. Hollyport's John Carter and Elm Capital's Etienne Deshormes join Madeleine Farman in the latest edition of Second Thoughts.

Pennsylvania Public School Employees’ Retirement System's sale included stakes in funds managed by New Mountain Capital, Apollo Global Management and Platinum Equity.

The portfolio sale included full stakes in assets with vintages of 2013 and older and other partial stakes.

LP sales accounted for about $40bn, or 59% of activity in the first half, according to Jefferies’ half-year volume report.

The portfolio was offloaded by a US-based institutional seller and comprises over 1,500 loans.

The Taiwanese life insurer is selling a portfolio of five stakes in USD- and euro-denominated funds, including an EQT vehicle.

MN brought the portfolio of private equity fund stakes to market this year, affiliate title Buyouts reported over the summer.

The firm says it has become the first qualified matching service where investors can electronically sign essential fund transfer documents to complete limited partnership interest transactions.