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By Venilia Amorim2021-02-10T14:45:00+00:00
Border to Coast Pensions Partnership, one of the UK’s largest public sector pension pools with total assets worth £46bn (€52bn), has committed over £370m in five new private equity funds.
Since its launch, the Partnership received £3bn of private market commitments from its partner funds, of which £1bn was earmarked for private equity last year – £500m for its first offering (Series 1A) and a further £485m for its second offering (Series 1B), 75% of which is now committed, it announced. The new investments form part of Border to Coast’s second private equity offering (series 1B).
Private equity funds have been trading above par in secondary markets, with a low supply of deals during the pandemic helping to drive up pricing, according to Palico.
Investors paid an average 101 cents on the dollar for stakes in private equity funds in the six months through November, Palico found in its survey of limited partners. Secondary investors were willing to bid above funds’ net asset value after raising record capital to put to work in a market where buying opportunities dried up this year.
“There’s been a huge amount of money raised” to buy fund stakes as investors such as pensions and endowments look to the secondary market to increase their allocations to private markets, Claire Woolston Commons, Palico’s head of strategy, said Monday by phone. Demand has outstripped the supply of stakes up for sale, with secondary trading volume expected to drop this year due to the uncertainties surrounding the value of private equity holdings in the pandemic, said Co
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