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The sovereign wealth fund, an active player in the secondaries market, has named Yong Cheen Choo to the new role.

The pension has approved a five-year plan, which will see it cut ties with more managers.

The pension, which is planning to commit $1.5bn to private equity this year, will not re-up into some funds.

The VC fund of funds manager has almost reached the target for its latest secondaries fund which will focus on direct and LP stakes.

The US Securities and Exchange Commission’s Igor Rozenblit called out the complexity of the fund restructuring industry for allowing Andrew Caspersen’s alleged fraud.

The NZ$29.6bn fund has sold a total of five alternative fund interests since 2014 in a bid to have a more concentrated, active investment portfolio.

The firm is reviewing its practices and says no clients were affected by its former employee’s unauthorised transactions.

The Paris-based firm has raised more than $27.4bn in less than five years to invest in secondaries.

The US pension fund, a major seller in the secondaries market, is planning to allocate 10% of its portfolio to the region.

Nigel Gormly, head of international direct investment at the $19bn superannuation fund, tells Secondaries Investor why the institution is reducing its real estate investments.