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The alts giant is set to launch BXPE, a dedicated private equity offering for wealthy individuals, in the coming months after it postponed raising capital for the vehicle.

The French asset manager will seek at least €1bn for its debut semiconductor fund, PEI understands.

Pricing for secondaries has improved to a net-asset-value level of around 90% for buyout funds.

SWIB is the latest massive pension system to consider upping its allocation.

The single-asset deal is among a slew of mid-market transactions that are keeping secondaries buyers busy, despite a slowdown earlier in the year on the GP-led side.

With the acquisition of Abrdn’s Europe PE business, the Brazilian alts giant would have about $9bn of fee-earning AUM to be put to work in mid-market strategies.

A key aspect of the firm's strategy is a concentration on B2B software dealflow outside of Silicon Valley and other traditional tech hubs.

'We’ll have more diversified co-investment opportunities this way rather than us just doubling down on what our existing GPs come to us with,' says Arizona’s chief investment officer Michael Viteri.

Ares will provide the Brazilian investment firm with guidance on investment strategy, investor relations and business operations.

“Nothing the managers said today gave me any confidence that we’re going to get distributions to the level of NAV they’ve marked on their portfolios,” says Marin County board president Sara Klein.