LPs

Buyers will value a 'safe pair of hands' over pure return potential until the market stabilises further, according to Elm Capital.

The proportion of respondents who are 'not concerned' about liquidity was 81% across the summer, compared with 46% in the spring, according to a survey by the advisory firm.

RCP Advisors was targeting a summer final close for its $150m overage fund, which will invest alongside its flagship secondaries fund in coronavirus-induced opportunities.

The $60bn US pension backed the Revelstoke and Accel-KKR GP-led deals last year and expects to invest in more before the year is out.

The market dislocation means there may be more secondaries sellers than buyers, Aksia TorreyCove told the US pension.

The US public pension has made its debut commitments to two secondaries vehicles in 2020.

More than four out of five of funds to transact in the first half of this year were 2013-vintage or newer, up from half at the end of 2019.

The once niche strategy has gained traction in the face of stiff competition from banks and debt funds, data from the advisor's mid-year report show.

The US's largest public pension has been exploring ways to reach its target private equity exposure, including via secondaries investments.

TPG has become the latest multi-asset manager to enter the secondaries market and will probably not be the last this year.