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Founding investors in Collective Global include the Orange County Employees Retirement System and the City of San Jose Retirement System.

The largest US pension system also reported more than $1.2bn in annual management fees and carried interest.

The firm expects each of its funds to be larger than their predecessors, as it experiences ‘nice momentum’ across fundraising campaigns, according to its latest earnings.

Brookfield has close to $3bn in balance-sheet capital to deploy to near-term initiatives, including strategic acquisitions.

CIO Marcus Frampton proposed adding a 25% leverage to the fund in a special board meeting on Monday.

A portion of the NAV facility will be used to issue distributions back to LPs and is recallable if needed in the future, Private Equity International understands.

A stipulation that capital distributed to LPs via NAV facilities can be recalled is creating headaches for some investors.

Speaking on the firm's latest earnings call, chief executive Marc Rowan said the firm is expecting family offices to invest more than half of their assets in alternatives over the next half-decade.

'The rules overall are a step forward for the industry but there are some unique intricacies to look at regarding the transparencies we are used to,' says a member of the system’s investment staff.

The acquisition provides Wendel Group with the foundation to raise third-party capital and for IK to branch out into other strategies.