Fundraising

The pension fund is doubling down on its relationships with Ardian and Lexington due to the hot market and what it sees as a lack of differentiation between secondaries firms.

Half of idi Emerging Markets Partners' latest fund will be dedicated to primaries and secondaries.

LPs can customise their allocations in the vehicle across strategies including as much as 20% to secondaries.

The secondaries giant is seeking $12bn for the secondaries pocket of ASF VIII, having raised $14bn for its predecessor across primary, secondaries and co-investment sleeves.

The vehicle's close comes two months after Secondaries Investor reported the firm and Ardian were the buyers of a portfolio from American International Group.

Mantra Secondary Opportunities II, which launched in October last year, will focus on niche sectors of the market.

Five secondaries funds closed in Q3, compared with seven in the same quarter last year.

The close of Landmark Equity Partners XVI, which had a $4.75bn hard-cap, brings the firm's total committed capital to $27bn.

Partners Group Global Infrastructure 2018 is targeting €1bn and has a 60% allocation to primaries and secondaries.