LP Sales

Strong currents also point to much more opportunistic buying and selling, according to affiliate title Private Equity International's LP Perspectives 2022 Study.

The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.

The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.

GP-led deals accounted for a majority of transaction volumes in the first half – don’t bank on a repeat.

Japan’s regional banks have been expected to be a key source of secondaries dealflow after piling into alternatives over the past decade.

The $25.3bn US public pension wants to sell private equity fund stakes and divest of non-strategic relationships, documents show.

The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.

The deal, which involved buying fund stakes from Aberdeen Standard Investments, is the first of size for ICG's LP funds team, led by two ex-Pomona executives.

More than 90% of GP-led transactions priced at a 5% discount or better compared with only 32% of LP-led transactions, Campbell Lutyens reports.

Four months after bringing on Jake Stuiver from Evercore to build out the strategy, the firm continues to devote resources to the LP side of the market amid the post-covid rebound.