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Half of the global investors surveyed by Augentius expect market conditions to worsen this year compared with 2017.
Funds of funds have to differentiate to stay competitive, which for many means developing secondaries capabilities.
The advisory firm believes the increased efficiency of the market has blunted the power of secondaries as an opportunistic strategy.
The pension is putting an initial $50m towards a separate PE account that can invest in primaries, secondaries and co-investments.
Despite buoyant fundraising, the number of LPs actively investing in secondaries funds fell from last year, according to a survey by Probitas Partners.
HarbourVest Partners' listed investment vehicle is around 5 percentage points above its target allocation for the strategy amid a rising valuations environment.
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A revamped internal structure, new business lines and a focus on separate accounts have helped the firm thrive in a tough market for funds of funds, says head of secondaries Wouter Moerel.

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