Institutional Investor

Some LPs are thrilled with the options being offered amid rising portfolio sale activity, while others are less receptive.

Four out of NYCRS’ five pension systems are selling a more than $5.5bn portfolio to Blackstone Strategic Partners in a deal set to close at the end of March.

The pension fund’s portfolio is the latest LP-led deal to come out of the APAC region.

Both firms are understood to have purchased an equal amount of the roughly $1bn portfolio.

MEAG MUNICH ERGO, the asset management arm of European insurer, would rather see one good co-investment opportunity than be shown multiple bad ones, says head of PE and co-investments Gregory Schmitt.

Blackstone expects to hold a final close for Strategic Partners Infrastructure IV in the first quarter of this year, according to pension fund documents.

LP-led deals saw a record $87bn volume last year as pricing continued to increase, according to a report from Jefferies.

The LP is exploring the proposition of offloading the stakes amid a secondaries market with record activity.

The fund, which manages around $110bn on behalf of nurses and teachers, is heading towards its private markets allocation targets after a period of build-up and growth. In this podcast, Deputy CIO Damien Webb discusses the fund's view of the secondaries market.

The proposals, to be voted on in February, include the recategorisation of certain private equity assets, the removal of sub-asset class benchmarks and the implementation of new sub-asset class targets.