The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-chief executive Glenn Youngkin.
The firm, founded by Siguler Guff's former secondaries head Anthony Cusano, will focus mainly on acquiring stakes in distressed, special situations and credit funds.
The firm's strategic equity unit has held the final close on its third fund which is already 20% invested.
The promotions comprise two private equity professionals and one real estate-focused executive.
Jase Auby says the $158bn pension will focus on co-underwriting as a way of adjusting its private markets portfolio.
The firm has been organising itself to take advantage of increased opportunity in the asset class, according to co-chief executive David Layton.
The system's staff is formulating whether to take action on secondaries sale and/or co-investment initiative.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: