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real estate growth
Large recapitalisations and a rebound in LP portfolio transactions drove real estate secondaries to the highest mark yet.
While GP-led deals took the biggest slice of market activity in 2022, LP deals, especially in the second half, started flowing back into the market.
As Brazilian pensions finish divesting their private assets, buyers hope a primary investing boom will have positive implications for the secondaries market.
The CalPERS sale is among a slew of traditional LP portfolio sales to hit the market since the fall, with prices high and buyer interest piqued by more diversified investments.
Large portfolio sales have taken up buyer interest in the second half, as many look to diversify beyond the concentrated bets they made earlier in the year.
Southern Water UBS infrastructure fine pension
UBS's 2008-vintage infrastructure fund holds a stake in Southern Water, which is trying to come back from a record fine for environmental breaches.
Donation jar overflowing with American money. Fundraising, Savings, Wealth Concepts.
The alternatives giant has closed at least three balance-sheet real estate secondaries deals prior to launching a formal fundraise for the strategy.
The $49bn state pension cited the glut of dry powder and new entrants into PE driving a desire to consolidate manager relationships.
Communications Tower
The transaction, which involved a global portfolio of mid-market and growth-focused fund and co-investment stakes, is the third such process the pair and Hermes GPE have partnered on.
Mozaic Capital is advising on the process designed to rebalance the pension's $120.5bn portfolio, amid the resurgence of LP-led deals.

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