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The transaction is in the early stages and could reach $2bn in size, sources familiar with the matter said.

As they consider re-ups with existing managers, LPs need to see evidence that firms have the ability to deliver proceeds back to LPs, and proof that their managers can achieve outperformance.

In what may be a sign of improving dealmaking conditions, Canada Pension Plan Investment Board, the world’s biggest investor in private equity, recently upped its performance – with the help of some exits.

The USS sale marks the latest sizeable LP-led portfolio that Partners Group has backed in recent months.

Recently launched, Fund III will hold a first close in June, UH endowment documents said, with a final close expected to occur in the third quarter.

Fundraising for growth funds represented about 19.6% of the total private equity capital raised in the first quarter, according to Buyouts data.

The SEC’s 'whole rulebook' is at stake with upcoming judgement.

Inventory on the GP-led side of the business is high, though the completion rate for such deals hovers around 50 percent, sources have told Buyouts.

The veteran oil and gas investor has so far raised $3.3bn for an eighth fund blending traditional and sustainable energy themes, sources told Buyouts.

The GP stakes giant is seeking $13bn for its sixth flagship, according to PEI data.