QIC: Portfolio management drives secondaries sales

There are a lot of institutions out there that are looking to re-orientate their portfolio, according to QIC principal Phillip Cummins.

Investors repositioning their portfolios will continue to drive secondaries sales in Australia as the market there grows, according to an executive at the Queensland Investment Corporation (QIC), Secondaries Investor  reports.

Phillip Cummins, a principal in the Australian alternative investment firm’s global private equity team, that it uses the secondaries market for strategic reasons, and that many other institutional investors in the region do the same.

“We’re less of an opportunistic and more of a strategic secondaries player in terms of making sure we’ve got portfolios correctly positioned,” Cummins said.

QIC’s 2014 sale of around $1 billion worth of private equity stakes on behalf of one of its pension clients was done for portfolio re-positioning reasons, he said.

Read more by visiting: https://www.secondariesinvestor.com.