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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 strategy has returned 15.5% since inception, as the pension fights pressure on returns by co-investing with its secondaries partners.
The pension is slightly over its long-term target and the portfolio is one of several large transactions on the secondaries market.
Candidates must have excellent investment judgement and 'sense of the deal'.
Toronto skyline at sunset
The Canadian pension giant is in poll position on a deal that will offer liquidity to LPs in the firm's 2011-vintage $2bn Growth II fund.
Outgoing CIO Gary Bruebaker says the $128bn US pension buys fund stakes when GPs get in touch directly.
The portfolio is understood to be worth between $250m and $500m, according to sister publication Buyouts.
The Canadian pension's secondaries team has been broadening its focus across structured secondaries, Latin America, growth equity and venture capital, according to its latest report.
Senior investment officer Jonathan Popielarski discusses why the US pension wants to acquire stakes on the secondaries market and what it is looking to buy.
The pension, which has $1bn in PE assets, invested in Dover Street X and a VC fund of funds managed by Top Tier Capital Partners.
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