Sam Sutton
Among the $12.3bn pension’s four commitments was a $30m allocation to Coller Capital’s $5bn sixth fund, which is expected to hold a final close soon.
The Virginia Retirement System engaged the secondary market as a buyer for the first time in 2011, purchasing three commitments for $100m.
The New Jersey Division of Investments has sold stakes in GTCR, TPG and Madison Dearborn V-A, which sold at a discount.
The long-time secondaries player will focus on several strategies, including developed Asian buyout funds, energy and consumer goods.
The $12.1bn pension system made three recent commitments, including a $15m re-up to Lexington Capital Partners’ seventh secondaries fund.
The Swiss firm is poised to bring a third secondaries fund to market after closing its predecessor, Crown Global Secondaries III, on $1.2bn last year.
The global secondaries firm acquired an interest in 20 Cognis Capital portfolio companies in the deal, which allows existing stakeholders to sell their stakes or rollover into the new fund.
Several US pension funds have adopted a similar strategy in an effort to cut ties with GPs and eliminate management fees.
The San Francisco secondaries firm exceeded its sixth fund’s $300m target by attracting new LPs and re-ups.
Secondaries provide large pension funds the opportunity to 'move the battleship' - nimbly reposition themselves, in other words, according to the head of New York City's pension fund.
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