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Higher fees and difficulty in agreeing on side letters with secondaries funds were among the reasons given.
The vehicle will be the firm's second flagship after becoming an independent entity in 2017.
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Trustees of the £250bn Nationwide Building Society's pension turned down the chance to invest in a secondaries fund because they saw it as an unnecessary 'intermediary'.
Jase Auby. Texas Teachers
Jase Auby says the $158bn pension will focus on co-underwriting as a way of adjusting its private markets portfolio.
The system's staff is formulating whether to take action on secondaries sale and/or co-investment initiative.
The interests were the last remaining pieces of a blockbuster sale the pension system made to Blackstone's Strategic Partners in 2018.
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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'.

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