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The $13bn Teachers Retirement System would pay a 1 percent management fee to the Landmark Real Estate Partners VII fund, which is targeting $1bn.

The Nordic direct secondaries firm already operates from its Oslo headquarters and additional offices in Stockholm and Helsinki.

The direct secondaries firm has invested in a round of funding for Onzo, a company it acquired through a staple funding transaction in 2012.

The Florida State Board of Administration, a frequent investor in secondaries funds, may also buy and sell LP stakes directly, according to its 2014 investment plan.

The Nordic-based secondaries firm attracted 40% of its commitments from European investors including Swedish pension fund AP3, Finnish Industry Investment and the European Investment Fund.

The State of Wisconsin Investment Board is looking to sell a $203m legacy private equity portfolio of 48 funds, according to board meeting documents.

The wealth management division of National Australia Bank has transferred its stakes in three 2005- and 2007-vintage European private equity funds to Partners Group.

The $288bn pension system expects to modify its private equity plan, as part of a continuous effort to restructure its portfolio and reduce the number of manager relationships.

Terry Wetterman, formerly director of investor relations at Paul, joined the new boutique investment bank as a director earlier this month.

The bulk of the investment bank's secondaries activity is currently US-based, but managing director Jeffrey Hammer believes there are significant opportunities in Europe.