Hannah Zhang
AI-driven tech disruptions have raised questions over the sustainability of the recent pricing recovery in venture secondaries.
The firm’s seventh fund may invest across a wide range of secondaries strategies.
The tool could allow the US pension to redirect staff focus towards analysing distributions, such as those from dividend recaps, exits or CVs, says CIO Lamar Taylor.
'Limited partner distributions are definitely constraining new commitments to subsequent funds,' says private equity director Michael McGirr.
CVs are gaining momentum in the VC industry as more venture firms use them to extend ownership of prized assets and generate liquidity for LPs.
The $88bn pension system is 'exercising a degree of caution' in the US, according to head of global PE Lori Hall-Kimm.
The transactional nature of semi-liquid fund structures can place a lower importance on relationship building between investors and their managers, says Nicole Musicco.
LPs are showing greater hesitancy when it comes to adopting AI compared with GPs, with a desire on seeing the technology’s use cases before jumping on board.
Despite a couple of pulled-transaction anomalies, secondaries sales are still seen as a powerful tool for rebalancing portfolios.
LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.