private equity

Q2 fundraising: Capital continues to pour into private markets

Fundraising remained active in the second quarter, with U.S. buyout funds raising more than $81.5 billion combined. The year got off to a faster start than 2018, with $160 billion raised to date, compared to $86 billion in the first six months of 2018. Fundraising picked up in a big way during the fourth quarter […]

Calpers, pension fund, private equity, co-investment, Margaret Brown, Ben Meng

CalPERS takes big stake in Blackstone Capital Partners VIII

California Public Employees’ Retirement System committed $750 million to Blackstone Capital Partners VIII, which has raised more than $22 billion to date. The $365 billion pension made the commitment under delegated authority in March, a month that saw the pension commit $1.15 billion to private equity. The commitments were reported in documents for CalPERS’s June […]

pacing plan, private equity, Texas Employees Retirement System, pension fund, private equity, LGT Capital Partners

Texas ERS commits $385 mln to PE in May

Texas Employees’ Retirement System committed $385 million to private equity in May, a busy month that contributed to pension’s decision to lift its pacing target for 2019. The $28.2 billion retirement system committed: $110 million to Advent International Global Private Equity Fund IX, which raised $17.5 billion to invest primarily in Europe and North America; […]

Texas, state flag,

Texas Teachers adds $313 mln to PE in May

Teacher Retirement System of Texas committed more than $300 million to private equity in May, investing with two large buyout firms and a co-investment opportunity. The $150 billion retirement system committed $150 million to Hellman & Friedman’s H&F United Partners fund, and $150 million to TA Associates’ TA XIII-A fund. It also committed $13.3 million […]

Lacers, Los Angeles City Employees’ Retirement System, pension fund, private equity

LACERS commits $200 mln to PE and venture after increasing pacing target

Los Angeles City Employees’ Retirement System at its May meeting reported $200 million in private equity and venture capital commitments, making progress on a planned pacing increase for 2019. The commitments put LACERS on track to meeting a 2019 pacing target of $550 million to $575 million. LACERS hired a new PE consultant, TorreyCove Capital Partners, […]

Jeremy Coller, Coller Capital, private equity, limited partner

GP-led secondaries worsen LPs’ workload concerns

Limited partners don’t always feel as if they have enough time or resources to evaluate GP-led secondary processes, and in general they feel that private equity is taking up more of their bandwidth, a survey by Coller Capital shows. GP-led secondaries are an increasingly mainstream part of the PE market, with two-thirds of North American LPs […]

New Jersey, N.J., NJ, map, Atlantic City, shutterstock_206161717

NJ lifts PE target, commits to Warburg Asia fund

New Jersey’s state pension system increased its PE allocation target to 12 percent and committed to a Warburg Pincus fund. New Jersey State Investment Council, which manages $76.5 billion in pension assets, approved the asset-allocation change at its May 29 meeting. The state pension previously had a 10.25 percent target allocation to PE: 8.25 percent […]

Alaska Permanent Fund Corp, Steve Moseley, private equity, pension fund

Alaska Permanent approves $1.6 bln PE pacing plan, weighs secondary sale

Alaska Permanent Fund Corp plans to commit $1.6 billion to private equity funds in fiscal 2020, although it has room to invest more if it goes through with secondary sales or sees opportunities that are too good to pass up. The $1.6 billion pacing target is the same level that the $65 billion fund set for […]

Gary Bruebaker, Washington State Investment Board, pension fund, private equity

Washington State’s CIO to retire after 18-year tenure

Gary Bruebaker, who has been Washington State Investment Board’s CIO since 2001, will retire at year-end after 18 years. WSIB, which manages $104 billion in state pension funds and about $30 billion in other assets, has aggressively allocated to PE. It has a 23 percent target to private equity and a PE portfolio valued at […]

pacing plan, private equity, Texas Employees Retirement System, pension fund, private equity, LGT Capital Partners

Texas ERS boosts 2019 pacing plan after big PE commitments

Texas Employees’ Retirement System bumped its private equity pacing target to $1.45 billion for 2019 to make room for large commitments approved in March. Texas ERS, which has $28.2 billion in assets and a 14.6 percent allocation to PE, had planned to commit $1 billion to PE for 2019. It increased that target at its […]

EVestment, Graeme Faulds, private equity, limited partners

LPs lower expectations for PE, fret about deal flow

A majority of PE investors expect returns in the asset class to decline in coming years, and a growing percentage are beginning to vet potential partners on their ability to drum up deals. GPs and LPs expect returns to decline, and both are concerned about competition for deals and high purchase prices for companies, an eVestment survey […]

Aberdeen Standard, Whit Matthews, private equity, independent sponsor

Five Questions With Aberdeen’s Whit Matthews on spinouts and independent sponsors

Whit Matthews is a senior investment director at Aberdeen Standard Investments. He spoke with Buyouts about Aberdeen’s approach to spinouts, independent sponsors and first-time managers. What types of emerging managers get your attention at Aberdeen? There are typically two types of emerging managers in this market. You have the groups that spin out of another […]

Makena Capital, Brian Rodde, private equity, emerging managers

Five Questions with Makena Capital’s Brian Rodde on first-time funds

Makena Capital is a perpetual-capital manager that commits about $600 million a year to PE. Buyouts spoke with Managing Director Brian Rodde, who oversees portfolio management and manager selection in buyouts and VC, about first-time fund commitments. Some LPs, pensions in particular, try to mitigate the downside risk of first-time funds by committing lower amounts […]

Ashby Monk, Stanford University, private equity, venture capital, pension fund

Five Questions with Stanford’s Ashby Monk on fee transparency

Stanford University Professor Ashby Monk advises pensions on innovative approaches to PE. He spoke with Buyouts about the dangers of pension fund complacency toward high PE fees. 1. You recently took to Twitter to disagree with a pension fund CIO who was happy to spend millions in PE fees to get billions in returns. Why? In saying […]

Calpers, pension fund, private equity, co-investment, Margaret Brown, Ben Meng

CalPERS developing a plan to reboot PE co-investments

California Public Employees’ Retirement System in June will present the board with a new co-investment strategy, including a new method for vetting co-investment opportunities and deciding how active to be on a deal, according to CIO Ben Meng. CalPERS stopped co-investing in 2016, as part of the same long-term review of PE that led it to […]

CalPERS, private equity, pension fund, Greg Ruiz, Altamont Capital Partners

CalPERS hires Altamont’s Ruiz as PE director, closing 2-year vacancy

California Public Employees Retirement System hired an executive from Altamont Capital Partners to lead its private equity program, a post that had been vacant for more than two years. Greg Ruiz is the new managing director, CIO Ben Meng said at the May 13 investment committee meeting. “Greg has worked his whole career in private equity, most recently as a principal […]

Texas, state flag,

Texas Teachers: $389 mln to PE via Cinven, more

Teacher Retirement System of Texas committed $389 million to private equity in April, with the biggest commitment going to Cinven. The $150 billion system also pledged to a co-investment aggregator and a single-LP fund. All commitments were made during April. The pension committed €225 million ($252.7 million) to the seventh Cinven fund, which focuses on […]

CalSTRS, pension fund, private equity, Margot Wirth

CalSTRS adds new PE benchmarks, discusses hiring plans

California State Teachers’ Retirement System approved new benchmarks for its private equity investments, hoping to better capture its expected returns from fund-of-fund mandates and new strategies like long-hold investments. The CalSTRS investment committee approved the PE policy at its May 8 meeting, updating benchmarks for three traditional PE-asset classes — buyout, venture capital and debt-related — as […]