Hannah Zhang

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.

Fundraising pressures, shifting fund terms and the rise of co-investments are reshaping the private funds landscape, says law firm Barnes & Thornburg.

There can be as many as three layers of fees in structures that give 401(k) participants exposure to private investments.

Distributions as a share of total PE NAV have stayed below average for the past three years and are unlikely to return to normal level this year, according to StepStone research.

The move could ease some of the litigation concerns facing 401(k) plan sponsors that have already explored adding private equity to their target-date fund offerings.

The global fundraising market saw its most muted first half since the covid-19 pandemic with $383.6bn raised in H1 2025, according to PEI data.