The private equity arm of Neuberger Berman has bought a stake in a $581m buyout vehicle, according to a UK regulatory filing.
The London-based tail-end fund specialist began fundraising for its latest dedicated secondaries fund in June.
Dallas-Fort Worth International Airport Retirement System previously invested $5 million in Permal Private Equity Opportunities IV.
Tail-end funds sold at an average 10 to 15 percent lower than more recent funds, according to investment bank and secondaries advisory firm Greenhill Cogent.
The sovereign wealth fund has hired Cogent to advise on the transaction, which could total about $1bn.
The European Securities and Markets Authority suggested a pan-EU marketing passport be offered to Guernsey and Jersey but requesting more time to review the regulatory regimes of the US, Singapore and Hong Kong.
Carlyle's investment solutions group, which includes fund of funds arm AlpInvest Partners, lost about $6bn in AUM due to currency changes.
Healthy private equity distributions could prompt some sellers to hold off from tapping the secondaries market.
The seller of the fund interest, Legal & General Assurance Society, is winding down its commitments to private equity.
The use of leverage has become a common occurrence in the secondaries market, but firms like Ardian are making sure they remain cautious when they use debt in a transaction.
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