Hannah Zhang

The litigious and fee-sensitive nature of the DC market will make it slow to adopt private market investments, says the firm's president and CEO Jenny Johnson.

The $44bn pension's Amol Deshpande discusses its PE allocation plan and the types of secondaries opportunities it expects to pursue.

The pension is launching a private market investment programme targeting co-underwrites, syndicated co-investments, secondaries and growth capital investments.

Private equity funds took an average of 17 months to hold their final close in the first three quarters of this year, marking a slight shortening on last year.

'We tend to like single-asset continuation vehicles if the story is right [and] if it’s with a sponsor that we think is the right owner for that asset going forward,' according to deputy CIO Allen Waldrop.

A key concern is that a GP may not have market-tested the highest selling price of an asset, according to the $212bn pension's senior investment officer for PE.

The semi-liquid fund aims to provide 'diversified access to high-quality private growth companies' through directs and secondaries.

The Secondaries Investor Advisory Survey 2025 reflects a booming market, with the average reported deal value per adviser rising by $3bn year on year.

Over the past five years, some private equity shops have shunned their illiquid mentality to launch their own secondaries businesses. Can they give the market’s mega-managers a run for their money?

The $25bn pension expects to use both the GP-led and the LP-led markets to offload indirect private equity exposure.