LP Sales

The four-person team, led by Dan Nolan, has moved to a Swiss outfit and is understood to be working with a US endowment on a portfolio sale.

The US pension had set up a partnership with Pathway Capital Management last year to sell fund stakes.

The sale by Canada’s fourth-largest pension comes as it pivots to direct deals and invested a record amount in private equity in the 2019-20 financial year.

The pension giant is understood to be selling a portfolio containing high-quality stakes.

The growth of the secondaries market has halted, though certain segments remain open to LPs and GPs, according to Andrew Gulotta of Sixpoint Partners and DLA Piper's Adam Tope.

The deal is understood to have included stakes in funds managed by CVC Capital Partners, Blackstone and Apollo Global Management.

An overhang of LPs wanting to sell stakes in funds could delay transfers in order to conform with publicly traded partnership rules.

Dan Nolan takes the title of managing director and is based in the firm's secondary market advisory practice in London.

Law firm Stephenson Harwood's Gabriel Boghossian and Sarah de Ste Croix outline three points of contention and practical steps to ensure effective LPAC operations.

Speaking at IPEM, chief exec Virginie Morgon said secondaries will continue to play a role in increasing third-party AUM across its business lines.