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The partnership between New York Life affiliate PA Capital and Ottawa Avenue Private Capital is targeting fund managers in the lower mid-market.

The London-based lender is working alongside a 'significant' American institutional investor, PEI understands.

The firm is back in market with a follow-up to its hybrid value fund and is on track to hit its $20bn fundraising goal for the year, co-founder Josh Harris said on its latest earnings call.

The CPPIB secondaries head will lead TPG's secondaries investment strategy in Europe and the US.

Although HNWIs have not been precluded from acquiring positions in pre-IPO businesses via the secondaries market, the process can be complex and fraught with risk.

In the firm’s Q2 earnings call, Jonathan Gray pointed out where in private markets he thinks investment from defined contribution benefit plans will get directed to first.

The newly formed investment arm leveraged the full power of Blackstone for its $4.6bn fundraise, and continues to do so as it deploys the fund.

Versus investing as an LP in PE funds, LACERA could benefit from regular and stable cashflows and the growth of GPs if it gets into the GP stakes market, according to a staff review in July.

Co-investments play a large role in the $246bn pension's 'Collaborative Model,' which seeks to bring more investment activities in-house.

PEI's interactive chart takes a look at some markets beyond the US that permit defined contribution plans to invest in private equity, and the regulations governing their participation.