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Wellcome Trust eyes secondary market

The £15bn UK charity is particularly interested in direct secondary deals as it manages and rebalances its alternatives portfolio, Peter Pereira Gray, Wellcome deputy chief investment officer, said at the PERE Forum in New York yesterday.

The Wellcome Trust is not just in the market to sell parts of its £3.8 billion private equity and real estate portfolio, but is actively looking to make new investments in the asset classes, particularly on the direct secondaries market.

The £15 billion charity, which finances medical research, is actively managing its portfolio, Peter Pereira Gray, Wellcome deputy chief investment officer, told delegates at the PERE Forum in New York.

While it has identified fund interests it is prepared to sell, Pereira Gray said it would not do so “if we don’t get the right price”. He added that Wellcome is also prepared to buy into private equity and real estate positions, particularly through direct secondary deals. Secondaries is a “very interesting” area to the charity.

Wellcome, he added, has enjoyed “substantial performance” from its investments in private equity and real estate funds.

Pereira Gray said the charity has about $2.25 billion in cash available for operations, research funding and fund investment.