LPs

LPs remain keen to allocate to PE even though the perceived risk to returns has risen materially, according to a survey by the secondaries firm.

The US public pension backed Brookfield's latest investment strategy offering in the first quarter of the year.

The Blackstone unit launched a dedicated strategy focusing on GP-led processes this year.

The $31bn manager is targeting secondaries investments through its 2019-vintage Fund XI and an in-market follow-on vehicle.

Secondaries funds returned net IRR of negative 1.75% in Q2 – the only strategy to go into negative territory – according to the latest data from the industry body.

The $82bn public employees' retirement fund, which is overweight in private equity, plans to maintain its commitment pace and take other actions to get the portfolio right-sized.

Investors seeking liquidity on the PE investing platform will be able to sell their fund stakes to the New York secondaries giant.

CIO Jim Grossman told the $63bn pension's board that staff would focus on slower private equity pacing to reduce its allocation for now.

Two London-based executives will join in the second quarter of this year to lead a practice focused on GP-led transactions.

The pension giant wants to hire two senior principals for its London and either New York or Toronto offices.