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The US subsidiary of the Japanese financial services conglomerate will initially invest off balance sheet before launching a third-party fund.
Healthy Fruit and vegetables in Grocery shop cart
The JV with property investor ShopOne, struck on the back of a secondaries recap, provides fresh capital to invest in shopping centres in metropolitan areas.
The €2.1trn asset manager, Europe's largest, is targeting €1bn in secondaries AUM by 2025, Secondaries Investor has learned.
The well-known face in secondaries fund finance is aiming to start the insurer’s origination business.
Cari Lodge, managing director
Despite the shift to newer vintages, early distributions and higher IRRs remain important to secondaries investors, said managing director Cari Lodge.
As Brazilian pensions finish divesting their private assets, buyers hope a primary investing boom will have positive implications for the secondaries market.
The CalPERS sale is among a slew of traditional LP portfolio sales to hit the market since the fall, with prices high and buyer interest piqued by more diversified investments.
The bank moved a $1bn portfolio of assets off its balance sheet into a vehicle anchored by secondaries capital, a repeat of a deal it executed last year.
Erik Hirsch
There have been six meaningful M&A deals for secondaries firms this year, with a seventh rumoured to be in the works.
The private investment arm of the EU has collected €100m for secondaries and is set to sell a portfolio of stakes next year.

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