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A highly competitive market is leading to reduced return expectations and lower success rates, according to a report compiled by UBS and obtained exclusively by Secondaries Investor.

The interdealer broker's alternatives team will remain intact despite Alastair Sword's departure – the latest in a series of exits.

Secondaries funds hitting final close raised $5.49bn in Q1 2018, with investor demand showing no sign of abating.

The firm has opened offices in Chicago and Los Angeles as it continues expanding its secondaries advisory and fundraising business.

The $50bn pension fund has made exploring the secondaries market, as a buyer and seller, a key strategic priority.

High pricing, more robust information and GPs being more actively involved in deals will lead to an increase of around 25%, according to research by Lazard obtained exclusively by Secondaries Investor.

Richard Olson, Bill Arnold and Dan Nolan talk to Secondaries Investor about the firm's plans in the GP-led space and how it plans to stand out from the crowd.

Greenhill Cogent, Evercore and Park Hill worked on around $30bn in total deal volume, according to Secondaries Investor's annual advisory firm survey.

The US pension is aiming to sell an unspecified portion of its $5bn in private equity portfolio, which comprises 198 individual positions.

LPs from Canada, Norway and Benelux are all expecting to raise their deployment to secondaries, according to research by Rede Partners.