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LACERS believes private markets could cure what ails its underwhelming returns. Plus: Secondaries musical chairs continue apace with a Jefferies to Moelis move; and Carlyle has a new APAC wealth head. Here's today's brief, for our valued subscribers only.

The firm, which split from venture giant GGV Capital in 2023, is seeking $500m for its debut hybrid capital fund, senior managing partner Jenny Lee and partners Ming Eng and Roger Zhang tell PEI.

A poll of pension funds showed they expect distributions to increase over the next three years

The system plans on building exposure to infrastructure and private credit, along with pursuing its steady pace in private equity, to try to boost returns.

FP Credit Partners III's LPs include public and corporate pension funds, foundations, endowments, insurance companies, sovereign wealth funds and family offices.

Launched in 2023, Elevate makes seed investments in small and emerging private equity firms, focused on lower- and middle-market buyout strategies across industries.

Ascent II targets businesses across the services, value-added distribution and specialized light manufacturing sectors.

NAV financing is being used to supercharge returns in the continuation fund community. Plus: Evercore is losing its APAC secondaries head; and a group of private markets heavyweights are tackling inequality. Here's today's brief, for our valued subscribers only.

Bacdayan brings more than three decades of experience to the job, including as co-managing principal at Incline Equity Partners, a mid-market private equity shop he co-founded in 2011.