Dedicated private equity secondaries vehicles are seeking $10bn less in total than they were this time last year, according to PEI data.
The $26bn pension has backed two of the secondaries firm's funds with a combined $150m, half of what it committed to predecessor vehicles.
The global investment manager has held a second close for Hamilton Lane Secondary Fund IV, which has a $1.3bn target​.
The fund of funds manager will increase the vehicle's secondaries and co-investment allocation to more than 20%.
The global asset manager will begin investing Secondary Opportunities Fund IV this quarter, once SOF III is 100% deployed.
The fund of funds will invest in a mix of primaries, secondaries and co-investments, and the firm expects to hold a close in March.
The $3bn pension has backed at least four of the alternative investment manager's previous vehicles.
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The secondaries market had raised $38bn by mid-December, surpassing the previous record set in 2014.
The mezzanine powerhouse is nearing the $1bn target for its restructurings-focused vehicle, Secondaries Investor has learned.
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