Justin Mitchell

Staff say they are seeing more GP-led secondaries than they have in the past, and are expecting to see more.

The $82bn public employees' retirement fund, which is overweight in private equity, plans to maintain its commitment pace and take other actions to get the portfolio right-sized.

The $60bn pension's private equity advisor, StepStone Group, is the lead investor on the deal, which includes healthcare company Confluent Medical Technologies.