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The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.
CRPTF's investment advisory committee approved $350m in commitments, split equally between HarbourVest’s latest flagship secondaries fund and a connected co-investment vehicle.
Details of the firm's Dover Street XI fund and HarbourVest’s Secondary Overflow Fund V were included in board documents for a US public pension plan this month.
LP sales were expected to kick off a resumption of robust secondaries activity after a slowdown late last year, with external factors such as the collapse of Silicon Valley Bank keeping activity muted.
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The Institutional Limited Partners Association chief executive questions whether the industry is equipped to serve a more demanding clientele.
Delaney Brown, CPP
Delaney Brown has overseen a secondaries team, led by Dushy Sivanithy, that joined the buyside of the single-asset market last year with a $1bn deployment target.
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Some LPs have felt so frustrated at the way continuation fund processes have been run that they have decided not to re-up with their manager, representatives from the investor body told Secondaries Investor.
Pent-up demand among sellers facing liquidity pressures and looking to rebalance overexposure issues is expected to bring more processes to market, though later this year.
The sale follows a recommendation from SCERS staff and consultant Cliffwater to sell down commitments made to 2006-08 vintage funds to deal with overallocation.
The $72.4bn pension system's commitment pertains to a continuation vehicle for Esdec Solar Group, board documents show.
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