Nathan Williams
Fewer buyers sought IRRs of above 15% last year compared with a year earlier, a survey by advisory firm Cebile Capital has found.
The Texas pension has an appetite for secondaries, having also committed to Ardian and Strategic Partners-managed vehicles.
The global investment firm picked up interests in the real estate vehicle from a French real estate firm and Australia's largest industry super fund.
The Texas pension fund has committed an additional $15m to the fund of funds manager's third secondaries fund.
The alternatives fund of funds manager has hired two investment professionals in its London office and a head of business development for North America.
The Canadian firm is gearing up for fundraising after a year in which it distributed more than $362m to investors.
Data from the Institutional Limited Partners Association shows secondaries was the worst performing strategy on a quarterly basis in the third quarter of 2016.
The asset manager has used an individual mandate to pick up a stake in the UK buyout firm's 2007-vehicle, for which it raised an annex fund last year.
The VC secondaries firm has promoted Hunter Somerville.
The investment banking arm of CBRE Group advised on 187 fund interests that were transferred during the year, with deal volume brokered by the firm hitting a record $2.4bn.
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