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Christopher Ailman, one of the longest serving public CIOs in the US, has been instrumental in growing the pension’s private markets portfolio and continues to shine a light on sustainability and ESG.

Many public pensions face governance issues when considering continuation fund opportunities.

The Chicago shop, a family and founder-oriented merchant bank, wrapped up BDT Capital Partners Fund 4 this month, ahead of a $13bn target, sources said.

The firm recorded its best year for separately managed accounts fundraising last year, with $8.3bn raised.

The firm is led by Brian Martin, formerly an executive in American Capital's LBO group, and Mike Janish, a one-time CEO of American Capital-backed Avalon Laboratories.

The system backed off a planned secondary sale after prices came in too low.

He will continue in his CIO role through June 30, 2024 while the CalSTRS board conducts a global search for his successor.

A Capstone survey has found that more than half of LPs consider NAV financing and preferred equity a ‘poor’ way to generate liquidity.

This fund will focus on providing tailor-made liquidity and capital solutions to both LPs and GPs through transactions in the secondary market.

The acquisition lays the foundation for a one-stop shop for clients of both organisations, Andy Lund and Matt Swain tell PEI.