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The Canadian pension giant has spent two years rebuilding its senior secondaries team with internal promotions and hires from GIC and Partners Group.
Some public pensions appear to think any sunlight allowed on their private equity decision-making processes would cause irreparable damage to their ability to continue investing in the asset class.
Secondaries pricing has become uncertain, with inflation, supply chain disruptions, geopolitical turmoil and rising interest rates causing public market volatility since the beginning of the year.
The portfolio sale, relatively small compared to the $1bn-plus transactions that hit the market since last year, is expected to get a lot of looks.
The presence of a US public pension system as a lead investor is a reflection of the growing sophistication and desire on the part of some big US public plans to take more direct roles in investment management.
Sceptics says concentrated GP-leds are an expensive way of doing co-investments; the Canadian pension believes the two markets address different risk/reward profiles.
white horse
A hard-cap close on Fund V would push the preferred equity specialist up to $14bn in AUM just seven years after being founded.
At least one LP reports intention to divest from NCH Capital’s Russia and Ukraine-focused agribusiness investments as quickly as possible.
Portfolios with valuations pegged to 30 September no longer reflect market dynamics, including public market volatility, plunging tech valuations and geopolitical turmoil sparked by Russia’s invasion of Ukraine.
Some portfolios that hit the market this year may take longer than expected to sell or may not transact as buyers look for pricing that reflects the reality of market turmoil.

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