Hannah Zhang

The primary motivation for LPs to consider selling PE fund stakes is the need for liquidity and strategic repositioning, according to a report from Montana Capital Partners.

The $21bn California pension is preparing a more hands-on investment approach in private markets, including more co-investments, GP stakes and joint ventures.

Founding investors in Collective Global include the Orange County Employees Retirement System and the City of San Jose Retirement System.

CIO Marcus Frampton proposed adding a 25% leverage to the fund in a special board meeting on Monday.

Speaking on the firm's latest earnings call, chief executive Marc Rowan said the firm is expecting family offices to invest more than half of their assets in alternatives over the next half-decade.