LP Sales

The $36bn fund reported strong private equity returns after implementing an “aggressive” restructuring plan in December 2016.

The private equity portfolio is diversified by vintage and region, Secondaries Investor has learned.

The figure from the investment bank's secondaries advisory unit is slightly down year-on-year.

The troubled pension has generated $245m in cash inflows so far from a series of secondaries sales that began in December.

The $120bn pension manager wants to exit 'low conviction' vehicles across private markets investments including real estate, private equity and funds of funds.

The pension exited two funds in February and is under contract to sell 10 more private debt and real estate fund stakes worth $88.91m by the end of March.

Low pricing deterred a sale of certain 'illiquid' assets held in a portfolio the US pension began managing in January.

The troubled US pension has sold 11 fund stakes across buyout, energy and growth strategies since accepting bids in November.

The $10.3bn pension also disposed of a growth equity fund stake and was considering reducing its fund of funds exposure, meeting documents show.

While secondaries advisory volume was up year-on-year, the investment bank's capital advisory revenues were hit by Brexit and market uncertainty.