Gregg Gethard
Abbott Secondaries Opportunities Fund III is slated for a first close next month, documents from a US public pension show.
CRPTF's investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.
Details of the firm's Dover Street XI fund and HarbourVest’s Secondary Overflow Fund V were included in board documents for a US public pension plan this month.
The $72.4bn pension system's commitment pertains to a continuation vehicle for Esdec Solar Group, board documents show.
The $10bn system set a 5% target for its new private equity portfolio, with 75% of that intended for secondaries.
LPs are expected to increase sales of their portfolios over the coming year, which could bode well for secondaries funds.
The $33bn system adds flexibility in making a secondaries purchase, perhaps indicating the system sees an opportunity in a dislocated market.
Co-investment and secondaries funds may be coming into vogue as retirement systems try to reduce fees and take advantage of a volatile market.
The misuse of common practices in the private equity industry could allow misalignment between LPs and GPs.
Board members referenced recent remarks from a Danish CIO that compared private equity to a ‘pyramid scheme.’
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