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The secondary is the first for Inovia, and represents a rare instance of not only a large continuation fund process in Canada, but one that involves VC assets as well.
The firm's outlook and performance were outlined in documents obtained from the Minnesota State Board of Investment.
The asset management arm of Abu Dhabi's second-largest SWF has sold a portfolio of assets to a group led by BlackRock and received a $400m primary commitment.
The deal is one of several that allow large organisations to shift private equity into new vehicles that provide more space, and fresh capital, to continue building out the strategy.
mountains, snow, ski, Mont Blanc, France
With $253bn invested in alternatives out of $1.5trn in overall AUM, PGIM is one of the largest groups yet to make a move into the secondaries market.
The $327bn asset manager and adviser is increasing its focus on alternatives, having formed a strategic partnership with Hamilton Lane in March.
Asia
Foundation was founded in 2017 by Deutsche Bank's former Asia secondaries head Jason Sambanju and Jeremy Foo from buyout shop Navis.
Shane Feeney, who has been responsible for overseeing the pension giant's roughly $101bn private equity portfolio, will join as global head of secondaries.
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The investment bank is the latest to launch a secondaries advisory unit and has hired a New York-based executive to assist with its push.
The pension moderated the pace of new secondaries commitments, citing a high risk/return bar amid decreased market activity as a result of the pandemic.
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