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Madrid-based Arcano bought the growth stakes through its latest secondaries fund, which is at least 50% invested.

With early secondaries, late primaries and mid-life co-investments, firms try to skirt competition and boost returns, according to Triago.

The California pension plan reported that its fund managers have realised $3.4bn in shared profits, a number that industry practitioners fear will be taken out of context by media outlets.

The firm selected by the State Universities Retirement System of Illinois will manage about $100m in total.

The endowment previously invested $4 million in HarbourVest's Dover Street VIII in 2011.

Fund advisory Triago found shadow commitments are estimated to account for 26% of capital raised this year.

Crown Small Cap Real Estate Fund II, which is targeting $400m, will commit up to 25 percent to secondaries.

Strategic Partners purchased the legacy portfolio of Spice, formerly called APEN, in December for $192m.

The Swiss fund of funds, formerly known as APEN, continues its new strategy of focusing on co-investments and secondaries in emerging markets.

The direct secondaries firm focuses on providing capital to founders, executives and employees of venture capital-backed start-ups who seek liquidity.