LP sales

The deal marks the second time in four months a large global investor has taken outside capital to free up its balance sheet.

GP-led deals accounted for a majority of transaction volumes in the first half – don’t bank on a repeat.

The $95bn state pension had an 11.1% allocation to private equity over a 7% target prior to the transaction, according to Secondaries Investor data.

The deal, which involved buying fund stakes from Aberdeen Standard Investments, is the first of size for ICG's LP funds team, led by two ex-Pomona executives.

The sheer scale of GP-led secondaries is enormous. But with turnover still marginal, the LP side is also poised for exponential growth.

LP portfolio sales fell to account for around half of total deal volume last year as GP-led processes surged.

The appointment comes at a time when many advisors are focusing on GP-led transactions.

CIO Jim Grossman told the $63bn pension's board that staff would focus on slower private equity pacing to reduce its allocation for now.

The $56bn US pension will continue to look to the secondaries market to sell certain non-core holdings, CIO James Grossman has said.

Canada Pension Plan Investment Board's recent transaction shows that even at a time of considerable economic uncertainty, big, diversified portfolios can sell – and at a good price.