Brown and Northwestern Endowments Turn to Secondary Markets (2)

Chief investment officers at Brown and Northwestern universities are turning to the secondary markets to tap into rising liquidity for their private assets, although they remain cautious over pricing.

Northwestern has sold a small amount in the secondary markets, Amy Falls said at Bloomberg’s Women, Money and Power summit in London on Wednesday.

“The flipside of a lot of retail money coming in and big evergreen funds means there is more liquidity in the secondary market,” Falls said, referring to the influx of new investors in private equity, during a sluggish time for buyouts or initial public offerings of unlisted ...