VCERA’s chief investment officer, Dan Gallagher, recommended launching the new program next year, starting with a $20m allocation.
LACERA will be allowed to commit up to 35% of its private equity allocation to secondaries or co-investments, and up to 20% of the allocation to funds of funds.
But it’s still a tough market for new GPs, given continued fierce competition for scarce investment capital.
The Canadian province’s legislature, led by premier Danielle Smith, dismissed AIMCo’s CEO, Evan Siddall, along with three other board members last Thursday.
Markets of interest include the UK, DACH and the Nordics, Allen Waldrop, deputy CIO for private markets, tells PEI.
The sale comprised 13 fund investments, eight of which held vintages of 2013 or earlier, with the funds offloaded for an adjusted purchase price of $737.1m, according to documents seen by Buyouts.
Emphasis on DPI is prompting some investors to look at smaller managers; PEI Group data shows how certain US mid-market vintages have performed over the past decade.
The $72.5bn retirement system gave a verbal update during its October 24 investment committee meeting that it had closed a deal on September 30.
The $93bn system has operated with a growing private equity overweight for the last six years, after being dramatically affected by the denominator effect.
Schroders’ latest investor insights survey shows LPs widely expecting to allocate again to certain illiquid assets, above all private equity and credit. This reflects what the fund house is hearing from clients.