CDPQ's allocation to private equity is the global market’s fourth largest according to Private Equity International’s Global Investor 100 (2020).
LPs overwhelmingly see secondaries as a valuable tool to re-focus their private equity portfolios and generate liquidity.
A board member wants the $20bn pension to commit to more diverse firms, including those owned by women of color.
Some board members have voiced concerns about the pace at which the $20bn pension is implementing plans to branch out into secondaries and co-investments.
The bill drew criticism when originally introduced last year, and was pulled soon after the pension's former CIO resigned in August.
Staff had predicted a major comeback for the $80bn pension's PE program at previous meetings, saying relative underperformance earlier this year was due to a 'benchmarking anomaly.'
Pennsylvania Public Schools Employee Retirement System, pension fund, private equity, Lindsay Goldberg
The $59bn pension's decision comes two years after a state commission recommended it cut its allocation to illiquid investments.
Robert Smith, Vista Equity
CIO Bob Jacksha declined to confirm whether or not the decision was due to Vista founder Robert Smith's recent non-prosecution agreement with the federal government.
The pension has written a $500 million check for AlpInvest Secondaries Program VII, just months after committing $300 million to Ardian's ASF VIII.
The $59.8bn pension system wants to deploy more into co-investments and secondaries, but keep its overall private equity pace the same for now.

Copyright PEI Media

Not for publication, email or dissemination