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ESB has sold its stake in SL's European Property Growth Fund, which invested in 31 properties in Belgium, the Czech Republic, France, Spain and Sweden.

The fund will continue to be managed by Zurich-based Helvetica Property Investors, which will also co-invest alongside Partners in Swiss retail, hotel and industrial real estate.

The South Carolina Retirement System Investment Commission plans to increase its exposure to secondaries over a five-to-seven year period.

San Francisco-based Akkadian Ventures closed its third direct secondaries fund on $74m in October.

The portfolio includes several mature companies such as CRM software nextevolution and mobile payment provider Mobile City.

Charleston-based Bowside Capital Fund III will buy LP interests in private equity funds of $150m or less.

MLC Australia, the wealth management division of the National Australia Bank, has sold several private equity fund stakes this year.

Montana Board of Investments has committed to secondaries fund managers including Axiom, Lexington and Tenex.

The Wellcome Trust recently sold its stake in Amadeus II, which invested in fibre optics maker Southampton Photonics.

Doughty Hanson III is a 1998-vintage fund that still owns turbine manufacturer LM Wind Power.