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The subsidiary of Deutsche Börse became custodian of a stake in a 2013 agri fund as part of its acquisition of Citco's hedge fund custody processing business.

The firm held a final close for its largest-ever real estate fund of funds.

This is the seventh office for the Canadian pension fund, a major player in the secondaries market.

The distressed debt fund, raised about 10 years ago, was caught in Lehman Brothers' collapse, which impacted its returns.

The stakes are in Lion Capital II, which currently has a negative internal rate of return.

The search comes as Montana recently closed its third fund with €400m after about 10 weeks of fundraising.

Lexington acquired the stakes from CPPIB in July and transferred a portion of them to CalPERS in a recent transaction.

Secondaries firms are now broadening their view of leverage and considering its use to boost returns through dividend recaps and help minimise currency volatility.

The firm said the advisory side of the business, including secondaries, was impacted by equity market volatility during that period.

James Jupp and Jennifer Galloway are the latest hires at the London firm that specialises in tail-end acquisitions and direct investments.