The $5bn system looks to build out its private equity portfolio and sees potential for new manager relationships.
LPs are expected to increase sales of their portfolios over the coming year, which could bode well for secondaries funds.
Vistria bucks the trend with a quick turnaround for its latest fundraise. The manager holds over 30 portfolio companies across its four previous offerings.
LLR Equity Partners VII will focus on lower-mid-market tech and healthcare companies.
Nebraska stands as an outlier with a 5% allocation to private equity, which is below most of its peers.
A green-friendly (meaning money) recycling program allows Oregon to take up to $1bn from secondaries sales of its legacy portfolio and place it into a co-investment fund.
Specific niche funds could gain traction as LPs look to diversify their private equity portfolios in the face of market volatility.
Many LPs are focusing on re-ups with existing relationships due to the current economic landscape. LPs with dedicated programs may serve as a valuable lifeline for emerging and diverse-owned managers.
The $33bn system adds flexibility in making a secondaries purchase, perhaps indicating the system sees an opportunity in a dislocated market.
$1bn is still $1bn, and especially for the diverse PE community, it’s at the very least a good first step.