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The importance of secondaries to institutional investors
was reinforced this week when Private
Equity International’s sister title, Secondaries
to Phillip Cummins, principal of Queensland Investment Corporation.
After Cummins said many Australian institutional investors
use the market strategically in order to correctly position portfolios, PEI’s
Research & Analytics team analysed the type of investors committing to
Pension funds were the most significant investors, accounting
for 62 percent of disclosed commitments to secondaries funds with vintages from
2010 onwards. This was followed by foundations and endowments, which made up 18
percent, with investments such as Michigan State University’s $25 million
commitment to AXA Secondary Fund VI.
One question mark that hangs over the findings, however. Family
offices are known to be active secondaries investors, but their private nature makes
it hard to know just how active they really are.
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