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The San Francisco-based fund of funds manager will invest the bulk of capital in Asia-focused funds, while maintaining capital to make co-investments or secondaries transactions.
The $1.9trn investor wants to mitigate the J-curve effect in the first three years of its private equity programme.
A 'flood of capital' in secondaries has pushed up valuations for flow names, according to the investment firm's Asia-Pacific private equity co-head.
The firm expects to have raised around $1.5bn by October for its latest fund of funds that can invest up to 30% in secondaries and direct co-investments.
Shunsuke Tanahashi joined the global investment manager in April from secondaries advisory firm and placement agent Ark Totan Alternative.
The Japanese pension giant has received 23 proposals from private equity funds of funds in its first recruitment drive for external managers for alternatives.
The world’s third largest pension fund maybe going through turmoil, but its alternatives programme still looks inviting to fundraisers.
The Singaporean sovereign wealth fund has noted that high pricing amid global market uncertainty will deliver inadequate returns.
The direct secondaries firm formally opened its Mumbai office this week.
As much as 30% of the fund will be invested in secondaries and direct co-investments.