LPs

With sluggish fundraising and GPs often desperate for capital, LPs are in a stronger position to demand certain concessions that may have been unworkable in the bull market years.

LPs are facing a difficult choice as they balance liquidity challenges with the deep discounts on offer in the secondaries market.

Permodalan Nasional Berhad has historically allocated more to secondaries due to increased liquidity needs, according to Rick Ramli, chief investment officer for private and strategic investments.

The process is part of a surge of LP portfolios that have hit the market this year as institutions look for ways to generate liquidity and rebalance their exposure to the asset class.

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.

The Institutional Limited Partners Association chief executive questions whether the industry is equipped to serve a more demanding clientele.

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.