Justin Mitchell

The fund's strategy will focus on acquiring IP products in film, television, music and video games.

A PitchBook analysis finds that the types of firms doing GP-led secondaries deals has transformed drastically in the past few years.

The Wilshire Associates report comes amid continued questions about the future of the $390bn fund's private equity program.

The recommendation is that the pension fund use a commingled fund investment as a first step towards building up its co-investment capability.

The increased co-investment pace comes as the $252bn pension seeks to up its overall private equity allocation.

The $54.2bn pension's contracts with its current consultants expire June 30.

The secondaries market gives LPs the chance to shift to more co-investments, which gives them more control over their investment portfolio while still getting the strong returns they need.

The pension already has some private debt assets, which will be rolled into the new portfolio when it launches on July 1.

The pension got 101% of its holdings' value in a string of payments stretching back to at least July.

The Pathfinder fund will have an "expanded mandate and opportunity set" from its predecessors, according to Utah trust fund documents.