The pension's PE team has seen increasing GP adherence to ILPA guidance on continuation fund transactions.
NorthSands Capital I targets single-asset continuation vehicles in well-known sectors, including industrials and industrial services companies.
An institutional LP is considering rolling approximately $300 million of existing exposure across two funds into the new vehicle, after participating in the manager's European CV earlier this year.
The single-asset continuation fund was reportedly backed by the California Public Employees' Retirement System, Partners Capital, and Caltech.
Hamilton Lane and Lead Edge are reportedly leading the continuation fund, with CPP Investments committing $50 million to the vehicle.
The single-asset CV was executed alongside the sale of a 50% stake in the Peruvian power generation company to CPP Investments.
The single-asset vehicle is centered on Consumer Cellular, a US mobile virtual network operator that GTCR initially backed in 2020.
New details have emerged regarding the continuation fund for Azuria Water Solutions, which was co-led by HarbourVest Partners.
The firm recently closed its debut GP-led fund, which focuses on single-asset CVs, with over $3.6 billion in capital commitments.
The ruling on a contentious process for Ohio's largest oil & gas producer ends a rare public dispute between LPs and a sponsor.
