The Teacher Retirement System of Texas sold about $1 billion of private equity fund stakes to Coller Capital in June, PitchBook reported on Monday. Its board has been cutting the pension's private equity target from 14% to 12% since 2024, and Jefferies ran the sale. Meanwhile, four institutions that run Korea's securities market will put about ₩1 trillion into venture secondaries over three years. Korea's brokers pledged the same amount a month earlier.

The tape

• DEAL  ElevenLabs closed a $300 million tender on 30 September at a $22 billion valuation, double its February round, led by Wellington and T. Rowe Price.
• FUND  New York Life bought all of Bow River Advisers on Sunday. Its $1.3 billion evergreen, a buyer of fund stakes, is now Apogem Evergreen Fund.
• LP  Saba held 11.1% of HarbourVest Global Private Equity on 29 September, 10.9 points of it through a swap, before the trust's $400 million November tender.
• PEOPLE  Patrick No, who runs Lazard's secondary advisory and fundraising in Asia-Pacific, is understood to be leaving as Lazard absorbs Campbell Lutyens, PEI reported.
• DATA  Campbell Lutyens counts $5.9 billion of Asia-Pacific GP-led deals this year, which could reach a record $8 billion, its partner Aiva Sperberga told Secondaries Investor.
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Texas Teachers is selling down its private equity

The Teacher Retirement System of Texas sold about $1 billion of fund stakes to Coller Capital, PitchBook reported on Monday, citing people familiar with the matter. Coller "accounted for all or most of the deal", the people said, in a sale that Jefferies ran and that closed in June. Coller has been part of EQT since the end of August and now trades as Coller EQT, as read here on 2 September. EQT VII, the 2015 buyout fund of EQT itself, was among the stakes sold according to public filings PitchBook cites. Neither the price nor the other funds have been reported. The price of buyout fund portfolios in the first half was 91% of NAV in Jefferies' own review, for reference.

TRS is the pension of Texas's public school employees and the largest in the state. Its trust held about $233 billion at 31 March, its July board book shows. Of that, $32.5 billion, or 13.9%, was private equity. Its board decided in 2024 to lower the private equity target from 14% to 12%, a cut Bloomberg put at almost $10 billion at the time. The policy now has an interim target of 14.3% and a long-term target of 12%. So at 31 March the portfolio stood 1.9 points above the long-term target, about $4.4 billion too much.

Until this sale, the cut ran on cash flows. In 2025 the private equity portfolio paid TRS $5.3 billion in distributions and called $3.1 billion, so $2.2 billion came back net. The portfolio held 383 active investments at 31 March, 274 of them funds and 109 direct stakes in companies. Its one-year return was 13.2%, against 8.8% for its benchmark, so TRS was not selling a portfolio that had failed it.

The sale puts TRS on this year's list of billion-dollar sellers, most of them public pensions and sovereign funds. Public pensions were also the largest sellers in Evercore's count of the first half, at about a quarter of its $56 billion of LP-led volume. That volume was up 4% on a year earlier.

Source: Evercore, H1 2026 Secondary Market Review, p.14.

The other sellers of the year are in the chart below. The largest of them, CPP Investments, sold C$4 billion of fund interests to Blackstone Strategic Partners and Ardian in May, PitchBook recalls. The second, MetLife, sold a $1.2 billion portfolio to Lexington in August. In addition, HarbourVest is buying into Yale's sale of about $1 billion and into GIC's, as read here on 26 September and 1 October. Finally, Korea Investment Corporation was still weighing offers for more than $1 billion of fund interests on 5 October, with PJT advising.

Six sellers of $1 billion or more this year

LP portfolio sales reported in 2026, with the buyer and the adviser where known

Source: PitchBook, 12 October 2026; Business Wire, 3 August 2026; Secondaries Investor, 25 September 2026; DealStreetAsia, 1 and 5 October 2026.

At 31 March values, reaching 12% means about $4.4 billion less private equity, through more sales, slower commitments or distributions. Slower commitments are not visible yet, since the board approved 71 private equity investments in 2025, 37 of them funds. Its book sets no date for reaching the 12% target.

Korea's exchanges put ₩1 trillion into venture secondaries

Four institutions that run Korea's securities market will invest about ₩1 trillion in venture secondaries over the next three years, Digital Today reported on 30 September. They are the Korea Exchange, Korea Securities Finance, the Korea Securities Depository and Koscom, the market's IT provider. Their boards will each approve their share, Korea Financial News wrote the same day. Each board's money will buy stakes in unlisted Korean companies from venture funds and early investors, so that those investors can cash out and invest again, the paper says. The stakes are in companies, not in funds.

The decision follows a plan by the brokers. On 31 August the Korea Financial Investment Association announced that securities firms would put about ₩1 trillion into venture secondaries over three years. The association, the brokers' trade body, pointed to exits in Korea that have relied mainly on IPOs. That plan has two parts. First, seven large investment banks will invest about ₩618.5 billion from their own books. Among them are Mirae Asset, NH and Korea Investment & Securities. Second, the fifteen most profitable brokers will fund a joint fund of about ₩300 billion, whose manager the association has yet to choose. Both plans together bring about ₩2 trillion to Korea's venture exit market, the reports say, under a policy the government calls "productive finance".

Korea's new money for venture secondaries

Two plans announced on 31 August and 30 September 2026, each over three years, ₩bn

The new buyers arrive as Korea Investment Corporation, the sovereign fund, sells more than $1 billion of fund interests abroad, as read here on 5 October. Its sale is of buyout funds, while the two plans buy venture stakes at home, and neither plan names a manager yet. That manager must be picked before the brokers' joint fund invests, and the four institutions' boards must each approve their share first. Both steps are undated in the reports.

On the radar

• Tuesday 13 to Thursday 15 October, London. SuperReturn Global Infrastructure meets at the Hilton Bankside, the first infrastructure gathering since Meridiam closed its $4.5 billion vehicle with Ares, GIC and Pantheon on 6 October.
• Wednesday 14 October, 10.30am, London. Pantheon International holds its annual meeting at Carlton House Terrace, the first since Saba Capital reached 12% of the trust. The trust sold 42 fund positions in May at 8.1% below their June 2025 value.
• Wednesday 14 October, San Francisco. Anthropic briefs institutional investors at its headquarters, Bloomberg reported on 1 October, relayed by Briefs, with formal marketing possible from the week of 9 November. The listing gives a public price to the shares that trusts such as Baillie Gifford US Growth hold.
• Thursday 15 October, 2pm, London. SDCL Efficiency Income Trust's general meeting votes on seating Boaz Weinstein of Saba and Richard Pavry of General Atlantic as directors. A yes puts its two largest holders on the board that reviews a sale of its portfolio.
• Tuesday 17 and Wednesday 18 November, New York. SuperReturn Secondaries North America meets at Convene on Madison Avenue, with Coller, HarbourVest, Adams Street, Kline Hill and New York State Common on stage. The Secondary Brief has negotiated 15% off for its readers: book with the discount link, or use the VIP code FKR3675SECBRIEF.
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