UniSuper has scaled back its future commitments to several of its private equity limited partnership investments, but has denied making any major approaches to the private equity secondaries market.

Rejecting market talk that the $24 billion industry fund was looking to sell off a large chunk of its $800 million private equity portfolio, currently split between 80 underlying private equity funds, chief investment officer John Pearce said the reality was less dramatic.

“A small number of the managers we invest in have provided us with the option to scale down our future commitments to their funds, and we have taken up the option. These are mainly offshore managers,” he said.

“We have not actively approached any potential buyers. Our private equity portfolio is under constant review as per all of our portfolios and we are always considering good selling or buying opportunities.”

Pearce said there was no broader strategy to divest illiquid investments.