LP Sales

State of Wisconsin Investment Board's private equity portfolio improved by 520bps amid commitments to fewer managers and sales of stakes in non-core managers.

The pension is slightly over its long-term target and the portfolio is one of several large transactions on the secondaries market.

AlpInvest Partners’ Wouter Moerel and Chris Perriello, managing directors and co-heads of the firm’s secondaries investment team, discuss growth in the secondaries market, why they don’t use leverage and what a worst-case scenario could look like.

Evercore's half-yearly report highlights a notable decline in the proportion of LPs choosing to sell in GP-led processes. This could be indicative of profound, longer-term changes.

Outgoing CIO Gary Bruebaker says the $128bn US pension buys fund stakes when GPs get in touch directly.

LPs and GPs pass their judgment on the industry body's updated guidelines, with GP-led secondaries deals a prominent theme.

The LP body’s latest best practice guidance recognises the growing role of GP-led secondaries.

The portfolio is understood to be worth between $250m and $500m, according to sister publication Buyouts.

Offloading a $1.3bn portfolio to Ardian helped push the pension system to a since-inception DPI capital ratio of 1.0x.

San Francisco-based Melting Point Solutions seeks to maximise pricing for sellers by seeking bids for single items as well as whole portfolios. Raphael Haas, the firm's chief executive, talks to Secondaries Investor about why multi-buyer sales can deliver better pricing for sellers and why non-dedicated buyers can provide outlier pricing.