Clwyd Pension Fund, an active investor in secondaries funds, has committed $10m to the fund of funds unit of Standard Life's SOF III vehicle.
The use of subscription facilities by funds has seen its criticism, but the practice is not without its positives, write Thomas Smith and Almas Daud.
The latest record fundraising figures across alternative asset classes show CIOs continue to see private investments, and not just private equity, as the most compelling in the long term.
The preferred equity specialist, led by former CPPIB secondaries head Yann Robard, closed its debut fund in May.
The niche investment firm's MSO II fund will target a net return multiple of 2x and IRR of 25%, Secondaries Investor has learned.
The vehicle has already closed a handful of direct co-investments, Secondaries Investor understands.
The Spanish firm is seeking around €600m for its fourth buyout fund after a GP-led process on its 2015 Fund II with HarbourVest Partners.
The endowment has committed $5m to Asia Alternatives Capital Partners V, half its commitment to Fund IV.
The firm raised $205 million for the former and hit a $102m first close on the latter.
The fund has committed to Real Estate Partners VIII, its second Landmark investment in as many months.