APG promotes secondaries head

APG Asset Management, the investment arm of the Dutch pension giant, has promoted its secondaries head to senior portfolio manager.

New York-based Abraham Tiamiyu, who ranked fourth on Secondaries Investor‘s 2020 NextGen Leaders ranking, made the step up in January, according to his LinkedIn profile. He also listed as a Future 40 Leader in Private Equity International’s 2020 ranking.

APG has 12 senior portfolio managers out of a team of about 50 investment professionals working across primaries, secondaries and co-investments, according to a source with knowledge of the pension.

Tiamiyu has been with APG since the formation of its primary private equity platform in 2013. The pension branched out into secondaries in 2018, with Tiamiyu moving across to help spearhead the launch, Secondaries Investor reported.

Prior to joining APG he was an associate with secondaries buyer Pomona Capital, having also worked in the secondary advisory team at UBS.

APG mainly uses the secondaries market to build incremental exposure to existing GP relationships on an LP-led and GP-led basis, Secondaries Investor understands. It participates in GP-led deals as a syndicate member and intends eventually to be able to lead them.

Even before setting up a dedicated team, APG was an active investor in infrastructure secondaries. In December 2017, it partnered with insurer AXA to acquire the remaining €1.1 billion of net asset value in AXA Infrastructure Fund II, a vehicle launched prior to Ardian’s spin-out from AXA. Ardian continued to manage the portfolio.

In January, Secondaries Investor reported that APG is looking to sell a private equity portfolio worth more than €2 billion, one of several large portfolios to hit the market in 2022. The process is being advised by Park Hill.

APG’s private equity portfolio had net asset value of €26.3 billion as of 2020, according to its annual report.