Gregg Gethard
The system has not yet finalised a contract with a secondaries adviser.
A new Illinois pension plan looks to build its private equity portfolio through a secondaries commitment.
The $19.1bn system looks to become the latest public pension to change rules to allow flexibility.
The system recently changed its policy to allow for quick commitments to continuation funds.
The $138.5bn system recently sold huge stakes of its private equity portfolio.
Liquidity from the system’s PE portfolio dropped off over the past two years.
Many public pensions face governance issues when considering continuation fund opportunities.
The $50bn US pension system backed off a planned secondaries sale after prices came in too low.
Continuation funds are now part of the private markets play book. MassPRIM has approved a policy that will give its investment team more flexibility to back these vehicles as the opportunity rolls in.
The pension fund's proposal covers processes that involve contributing additional capital in continuation fund deals.
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