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Direct investment levels have skyrocketed as LPs seek greater clarity over underlying assets and fundless sponsors become more popular. Plus: European tech is having a moment and Carlyle's secondaries unit is launching a new fund strategy. Here's today's brief, for our valued subscribers only.

Probitas Partners annual LP survey revealed that maintaining established relationships with fund managers soared this year, reflecting the surging fundraising environment and its impact on fund manager access.

Institutional investors’ private equity programs are especially vulnerable to high team turnover, as the asset class requires “institutional memory” because of its long fund life.

Through H1 2021, private equity and venture capital investments in Brazil totalled $5.7bn, according to LAVCA – more than the full-year total in 2020.

Investors no longer seem interested in consolidating GP relationships amid a flurry of fund launches. Plus: The only remaining senior executive has left Probitas in Hong Kong and CPP Investments has named region heads for Europe and Asia. Here's today's brief, for our valued subscribers only.

The pension plans on investing as much as $3.125bn in private markets in 2022, including $1bn in PE and $1.325bn in private credit.

The proposal seeks to amend the Alternative Investment Fund Managers Directive including disclosures to investors and the scope of ELTIF regulation.

Georgian launched the blind-pool vehicle, targeted to bring in $1.5bn, in tandem with a sixth flagship growth equity offering, which is seeking $1.3bn.

The pension system will keep its allocation target but look for more commitments annually.