Liquidity from the system’s PE portfolio dropped off over the past two years.
Many public pensions face governance issues when considering continuation fund opportunities.
The $50bn US pension system backed off a planned secondaries sale after prices came in too low.
A wider breadth of investors will take an interest in secondaries in 2024, market sources tell Secondaries Investor.
It's a bright picture for investor interest in the strategy, affiliate title Private Equity International's LP Perspectives 2024 study has found.
The pension fund's proposal covers processes that involve contributing additional capital in continuation fund deals.
Abu Dhabi Investment Authority's secondaries activity last year included making a cornerstone investment in Apollo Global Management's S3 platform.
The pension system, which has a separate account to invest in LP stakes, is expecting a buyers' market and an uptick in secondaries dealflow.
The sale is being run in steps, with the first round of about $500m recently closed.
The teachers’ pension portfolio is among several that have moved through the market this year, helping to drive secondaries volume even as activity on the GP-led side of the market remained muted.
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