News & Analysis

The fund has surpassed its $1bn target and is on the way to being the largest real assets secondaries fund ever raised.

Asset and manager quality still pose problems for secondaries buyers in a market where many funds are coming to the end of their lives with large amounts of remaining NAV.

The fund is targeting primary fund investments, secondaries and direct co-investments in Europe, Asia and emerging markets.

Timothy Clark, whose work includes a $1bn secondaries disposal by a US pension, has returned to the law firm after a stint at O'Melveny & Myers.

The firm is targeting blue-chip buyout funds in South Africa and the sub-Saharan region, with a first close expected in June.

The fund, which closed above its $200m target, will invest in small fund interests and structured deals.

Greenhill Cogent, Evercore and Park Hill worked on around $30bn in total deal volume, according to Secondaries Investor's annual advisory firm survey.

The US pension is aiming to sell an unspecified portion of its $5bn in private equity portfolio, which comprises 198 individual positions.

While many UK pensions are familiar with the secondaries market, few view it as an easily accessible way of freeing up liquidity.

PineBridge Secondary Partners IV closed above its $500m target and will focus on small- to mid-sized globally diversified deals.