LP Sales

Pricing on VC secondaries is less attractive now, says Schroders Capital venture chief Steven Yang.

The pension has been actively pursuing opportunities in the secondaries market over the past few years.

Narrow discounts mean infrastructure remains a first port of call for secondaries sellers.

Holding on to laggard assets may conflict with the core objective of PE: maximising time-weighted returns for LPs, writes Adam Spence, of Partners Capital.

More than 60% of defined benefit pension scheme advisers and trustees expect these pensions to utilise the secondaries market to sell illiquid assets, according to a report from MeltX and Mallowstreet.

Buyers became more selective and ultimately bid on LP-led deals for GPs and funds they knew best, according to Greenhill’s Bernhard Engelien.

The original size of the portfolio CalPERS brought to the market is understood to be between $2.3bn and $3bn.

LP-led volume saw a 54% year-on-year increase in 2025, reaching $121bn as LPs traded a wider mix of fund quality and accepted larger discounts, a report shows. 

GP-led buyers are 'embracing concentration and able to speak for larger portions of transactions than ever before', global co-head of secondary advisory Scott Beckelman tells Secondaries Investor.

The pair will eye 'additional areas of collaboration' amid the insurer's plans to raise its alternatives exposure.