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West coast-based Margaret McKnight had left the Carlyle Group real estate subsidiary in September last year after nearly 14 years.
The distinction between secondaries and co-investments is becoming increasingly irrelevant, according to Patrick Knechtli and Colin Burrow from Aberdeen Standard Investments.
Backers of the the $829m restructuring include Coller Capital, Neuberger Berman and Hellman & Friedman.
The firm has tapped an Adams Street Partners investment professional for its latest senior hire.
The world's largest asset manager also eyes an opportunity to buy highly coveted, rarely traded fund stakes, according to secondaries co-head Steve Lessar.
The Boston-based asset manager is in market with flagship secondaries fund Dover Street X.
The world's second-largest secondaries firm, Lexington Partners, is moving to Park Avenue.
The fund has sub-vehicles investing in asset classes such as PE, debt and infrastructure, each of which can commit 30% to secondaries.
The Q4 year-on-year drop from $7m to $1m is due to the run-off of legacy assets and several large fundraisings having yet to come to market, said co-chief executive Glenn Youngkin.
Richard Hope will replace Jim Strang, who becomes the investment manager's EMEA chairman.