Key Takeaways
- • The New York State Teachers' Retirement System chose an internal, non-public process to hire a secondaries adviser, according to PEI Secondaries Investor publisher context.
- • Mozaic Capital is reported as the secondaries adviser for a process designed to rebalance the pension's $120.5bn portfolio amid a resurgence of LP-led deals.
- • The system managed about $132.1 billion in assets as of March 2022, per publisher summaries.
- • The commentary argues that some public pensions appear to view any transparency in private equity decision-making as a threat to their ability to keep investing in the asset class.
Summary
PEI Secondaries Investor commentary by Chris Witkowsky, published 12 May 2022, criticizes the New York State Teachers' Retirement System for choosing a non-public, internal process to hire an adviser for a billion-dollar secondaries program. The column argues that some public pensions appear to believe any sunlight on their private equity decision-making would cause irreparable damage to their ability to continue investing in the asset class.
According to publisher context drawn from the same coverage, Mozaic Capital is advising the pension on a process designed to rebalance its portfolio, which was reported at $120.5bn, amid the resurgence of LP-led secondary deals. A separate report noted the system managed about $132.1 billion in assets as of March 2022 and was working with Mozaic as secondaries adviser.
The contrast the commentary draws is between the pension's closed selection process and the public-sector transparency standards often expected of institutional allocators. Related publisher coverage also described the system's recent private markets activity, including a $300 million commitment to two private equity funds disclosed in April board materials and four private markets commitments totaling $434 million.
According to publisher context drawn from the same coverage, Mozaic Capital is advising the pension on a process designed to rebalance its portfolio, which was reported at $120.5bn, amid the resurgence of LP-led secondary deals. A separate report noted the system managed about $132.1 billion in assets as of March 2022 and was working with Mozaic as secondaries adviser.
The contrast the commentary draws is between the pension's closed selection process and the public-sector transparency standards often expected of institutional allocators. Related publisher coverage also described the system's recent private markets activity, including a $300 million commitment to two private equity funds disclosed in April board materials and four private markets commitments totaling $434 million.
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