LPs

At least one LP reports intention to divest from NCH Capital’s Russia and Ukraine-focused agribusiness investments as quickly as possible.

Evelyn Zhang's appointment brings the headcount at the Canadian pension giant's secondaries team to 20.

The challenges of selling such a big offering are highlighted by growing uncertainty around secondaries pricing, weakening amid public market volatility, rising inflation and geopolitical shocks from Russia’s invasion of Ukraine.

There is a universe of potential deals in asset classes such as infrastructure not suited to typical secondaries funds, says Daniel Roddick, founder of Ely Place Partners.

Portfolios with valuations pegged to 30 September no longer reflect market dynamics, including public market volatility, plunging tech valuations and geopolitical turmoil sparked by Russia’s invasion of Ukraine.

Some portfolios that hit the market this year may take longer than expected to sell or may not transact as buyers look for pricing that reflects the reality of market turmoil.

This largely institutional market has seen a spike in enquiries from family offices and high-net-worth individuals, according to speakers at the Fund Finance Association Symposium.

UBS's 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.

The private assets secondaries market could be more liquid for large LPs than public markets, according to Ardian's former fund of funds head.

The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.