How do you mitigate the J-curve while getting your capital back 2 years faster than traditional funds?Andy Greene, CIO of the $10 billion Toronto Transit Commission Pension Plan, discusses how his team has successfully increased its private markets allocation from 20% to 41% since 2017, with a notable focus on using secondaries as a strategic tool. Andy outlines the key benefits of secondaries, including liquidity management, better pacing control through faster cash-back factors, J-curve mitigation, attractive pricing opportunities, and diversification across vintage years and geographies. He emphasizes that secondaries have become increasingly important as a portfolio management tool, allowing asset owners to actively rebalance rather than remain passive LPs stuck in underperforming positions.

Andy also highlights significant challenges in executing secondaries transactions, including extreme time pressure with limited information, valuation complexity, information asymmetry, substantial operational burdens from complex legal documentation, and resource constraints that force his team to be highly selective. His organization has adapted by evolving its governance structure to allow Andy and his CEO delegation authority for faster decision-making, hiring an operational due diligence specialist, and strategically sourcing deals primarily through existing GP relationships and advisors. Andy notes that while secondaries offer powerful benefits, asset owners must be prepared for the possibility of getting stuck with legacy assets and need the capabilities to properly underwrite these more complex opportunities compared to traditional fund commitments.Andy Greene is Chief Investment Officer for the Toronto Transit Commission Pension Plan, a $10 billion fully funded defined benefit plan. With over 25 years in the investment industry across Canada and the U.S., Andy joined TTCPP in 2017 as its first dedicated investment professional and built the investment department. He oversees all investment functions including strategy, portfolio construction, due diligence, and risk management. Andy holds an M.A. in Applied Economics from Binghamton University, a B.A. in Economics from Ithaca College, and the CIM and CAIA designations. He was recently named 2025 Public Fund CIO of the Year by Institutional Investor.
In This Episode: (00:00) Andy Greene, CIO of Toronto Transit Commission Pension Plan
(05:19) Building a high-performing investment platform, private markets allocation growth
(07:02) Benefits of secondaries for liquidity, pacing and portfolio management
(12:35) Challenges in secondaries, valuation complexity and information asymmetry
(17:17) Time pressure and resource constraints in secondary transactions
(21:29) GP-led secondaries and continuation vehicles in private markets
(27:43) Asset owners must be active LPs, not passive in private markets
(32:40) Final thoughts on building relationships and understanding asset owner needs
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Dr. Angelo Calvello is a serial innovator and co-founder of multiple investment firms, including Rosetta Analytics and Blue Diamond Asset Management. He leverages his extensive professional network and reputation for authentic thought leadership to curate conversations with genuinely innovative allocators.
As the "Dissident" columnist for Institutional Investor and former "Doctor Is In" columnist for Chief Investment Officer (winner of the 2016 Jesse H. Neal Award), Calvello has become a leading voice challenging conventional investment wisdom.
Beyond his professional pursuits, Calvello serves as Chairman of the Maryland State Retirement and Pension System's Climate Advisory Panel, as Chairman of the...
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