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It follows pension’s $300m investment in Ardian's ASF VIII in June, its first commitment to a secondaries fund in more than a decade.
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Stephen Sloan, former head of private capital advisory at Greenhill, will lead the effort alongside another senior hire.
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Proskauer advised on $20.9bn of secondaries deals last year, one of the most active law firms in the market.
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The firm manages FlowStone Opportunity Fund, which is targeted at high-net-worth individuals.
people, generation, young, future
Three Greenhill MDs will be joining the newly formed secondaries advisory business at Jefferies, with a fourth moving to the buy-side.
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The law firm advised on more than 150 secondaries transactions in 2019 with a value of $17.5bn, according to Secondaries Investor's annual law firm survey.
Alternatives has more than $6trn in assets under management, and only about $100bn of that trades hands in secondaries, according to the firm's president Jonathan Gray.
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The process, which was also backed by two co-investors, centres on a 2010-vintage fund with 10 assets across software, technology and healthcare sectors.
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Clarity on withholding tax issues for non-US investors means secondaries trades can now be conducted with greater ease, write Macfarlanes’ James McCredie and Florence Barnes.
market
Negative headlines are causing some LPs to review their relationships with Vista Equity Partners and Apollo Global Management. This has implications for the secondaries market.
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