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The process is an example of the kind of challenges faced by secondaries participants, with pricing discrepancies continuing to prevent sales from making it to final close.

I take it that the side letter ask has gotten no less burdensome over the years, and any sort of relief, even one imposed by the SEC, could be viewed as a welcome change by GPs.

The system has one of the nation’s oldest emerging manager programs.

One of the challenges in raising LP capital is long-duration investing remains “a younger part of the private equity asset class,” co-CEO Scott Nutall said.

Longer fundraising processes can present challenges for GPs to make sure all LPs in a fund remain on equitable footing.

'The opportunity set in growth equity investing has gotten much more interesting,' CFO Jack Weingart said in a Q2 earnings call.

The regulator will also form an international forum on impact investing.

The group will be among a handful of fierce competitors vying for business from private markets GPs who are finding it increasingly difficult to raise funds in the current environment.

Acquisitions and exits have started to recoup, according to the system's deputy CIO.

Deployment in PE halved year-on-year to $3bn in Q2 2023, while dry powder across strategies stood at $100bn, according to the firm's second-quarter earnings.