The $50bn pension is searching for a consultant to help it with private markets investments including secondaries.
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The firm will avoid leverage to fund deals and will instead use a credit facility of up to $360m for deals from its Global Secondary Fund 6, according to a memo revealing fund terms.
The endowment had previously sold about $1.7bn in private equity fund stakes in an effort to cut down its number of manager relationships.
The firm’s best performing secondaries vehicle by investment return is its 2000-vintage Lexington Capital Partners IV, documents from a US pension show.
Five observations on Canada’s largest private equity investor and its approach to the secondaries market.
The pension exited two funds in February and is under contract to sell 10 more private debt and real estate fund stakes worth $88.91m by the end of March.
Lexington Middle Market Investors IV has a hurdle rate of 7% and a phased carried interest structure to 12.5%, documents from a US pension show.
The Canadian pension giant’s head of secondaries and co-investments Michael Woolhouse tells us why the organisation is positioning itself as more than just a provider of LP capital.
The US’s largest public pension will engage Meketa, its real assets advisor, as its private equity consultant for the remainder of PCA’s contract period ending June 2020.
The pension’s secondaries target allocation was as much as 10% of its total portfolio last year, documents from advisor Hamilton Lane show.