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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.
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.
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.
piece of pie
Ares Management's agreement to buy Landmark Partners could be the latest in a chain of consolidation moves in the secondaries industry. We examine the ownership of firms that comprise our SI 30 ranking to see who might be next.
There was a 'significant uptick' in financing requests for GP-led deals in the third and fourth quarter, according to a survey by the lender.
buy and build
Many companies need extra time and capital to continue making add-on acquisitions, according to the bank's head of secondaries Nash Waterman.

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