Chris Witkowsky

The Dutch pension giant had brought a portfolio worth $2bn-$3bn to market, Secondaries Investor reported in June.

The USS sale marks the latest sizeable LP-led portfolio that Partners Group has backed in recent months.

The continuation fund for global life science ingredients distributor Barentz is understood to be around €850m in size.

The appointment comes as movement around the secondaries advisory world has slowed after a series of relocations over the past year.

The sale is being run in steps, with the first round of about $500m recently closed.

GP-led deal activity has slowed in the market downturn as buyers look for mostly high-quality assets and continue to seek diversity through LP portfolio sales.

The teachers’ pension portfolio is among several that have moved through the market this year, helping to drive secondaries volume even as activity on the GP-led side of the market remained muted.

A disconnect exists in the industry between GPs who view continuation funds as a desirable way to hold certain assets beyond the limits of a traditional private equity fund, and LPs who generally would prefer a regular exit.

Infrastructure and real assets accounted for around 9% of estimated total volume in the first half, according to Greenhill & Co’s latest volume survey.

The deal is understood to be Partners Group's largest secondaries deal on a total adjusted commitment basis.