Lacera to appoint Greenhill as secondaries adviser

"We need to negotiate an engagement agreement with Greenhill for them to officially become an adviser on our secondary sale process," Christopher Wagner, principal investment officer at Lacera, told Unquote. He added that they are currently underway with that activity and hope to have an engagement agreement very shortly. The legal review is still in progress, according to the fund's July status report.

The public pension fund, with more than $5bn in assets under management, released the request for proposal (RFP) to hire a private equity secondary adviser in January, in a bid to rebalance its private equity portfolio.

Along with Greenhill, the two other RFP finalists included Campbell Lutyens and Evercore. Other firms that responded to the RFP included Citigroup, Credit Suisse, Elm Capital, Houlihan Lokey, Lazard, Melting Point Solutions, Park Hill Group, Setter Capital and Triago Americas.

As part of the rebalancing, the scheme is seeking to sell several of its 245 limited partnership interests. The board and equity committee cited good pricing in the marketplace and the large quantity of dry powder that secondary managers held as the benefits of secondary sales to Lacera at this time.

According to Unquote Data, three of the largest secondaries funds to have closed recently include Blackstone's $7.5bn Strategic Partners Fund VII, Goldman Sachs' $7bn GS Vintage Fund VII and AlpInvest's $3.3bn AlpInvest Secondaries Fund VI.

Lacera sees the secondary sale as an opportunity to give emphasis on core relationships, the ability to undertake reliable valuation of mature companies, and to discard the administrative load of inactive managers. 

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