Calpers, pension fund, private equity
602 Views

Three board members dissent from CalPERS’s move to direct PE investment

California Public Employees’ Retirement System has a tentative green light to proceed on its long-simmering move toward an in-house private equity program, but at a meeting Monday, three board members put their objections to the plan on the record. CalPERS’s investment committee voted 10-3 to express “support for the concept” of creating two private equity […]

L Catterton, Johnson & Johnson, Zarbee's Naturals, healthcare, private equity, merger, M&A, cough and cold, medication
228 Views

Middle Market Deal of the Year: L Catterton built parents’ trust in Zarbee’s Naturals

When L Catterton in 2011 acquired a majority of Zarbee’s Naturals, it bet it could build a new growth category that took advantage of long-term consumer trends around brand authenticity, health and wellness, and investing in children’s products. When it sold the company to Johnson & Johnson Consumer in 2018, after expanding Zarbee’s from a line of […]

Connecticut looks to Europe, shorter-duration funds as it ramps up PE pacing

Connecticut Retirement Plans and Trust Fund plans to increase its private equity pacing by $200 million for the next two years, using the allocations to balance its portfolio towards Europe and shorter-duration opportunities in private credit, mezzanine, opportunistic and secondaries strategies. The $34 billion CRPTF has a 7.4 percent allocation to private investment, as of […]

Oregon Treasury, Oregon Common School Fund, private equity, pension fund, Genstar Capital
214 Views

Oregon defends paying high PE fees, commits to Genstar

Oregon Treasury committed $350 million to private equity and credit investments, and its chief investment officer made the case that paying high PE fees has helped add billions to the state’s retirement fund over the years. The investment council, which manages the $74.5 billion state retirement fund and its $1.5 billion common school fund, committed […]

Calpers, private equity, pension fund, consulting
183 Views

CalPERS seeks to refresh its pool of investment consultants

California Public Employees’ Retirement Plan published a request for proposals for investment consultants, seeking bids for general investment services and three specialized private-markets asset classes. The new contracts would begin in July 2020 and would enable CalPERS to refresh all its consulting contracts at once rather than issuing four separate RFPs on differing timelines. The $354 […]

Calpers, pension fund, private equity
279 Views

CalPERS seeks green light to set up captive PE funds

California Public Employees’ Retirement System will seek permission to proceed with the creation of two direct private equity funds, scheduling an initial vote on the concept for its March 18 investment committee meeting. The plan, discussed for nearly a year, would create a new CalPERS-controlled organization of two new funds with the pension system as […]

LACERS, Los Angeles City Employees’ Retirement System, venture capital, private equity, pension fund
180 Views

LACERS clears path for higher commitments, secondary PE sales

Los Angeles City Employees’ Retirement System approved an investment policy that raises the limits on commitment sizes, though the pension plans to “ease into” the higher commitments. The $17 billion retirement system at its Feb. 26 meeting also reviewed three commitments staff had approved totaling $95 million. The commitments were the first ones recommended by private […]

Michigan State Investment Board, private equity, pension fund
303 Views

Michigan goes big: $1.5 bln to private markets in Q4

State of Michigan Investment Board committed $1.5 billion to private-markets investments in Q4, including $300 million to TPG Sixth Street Partners’ credit fund for late-stage growth companies. The board, which manages $69.5 billion in retirement-fund assets, has an 18 percent allocation to PE and an 11.5 percent allocation to real return and opportunistic investments, which […]

Donald Trump, Linda McMahon, Small Business Administration, SBIC, small business, private equity
608 Views

Trump administration outlines plan to speed SBIC licensing

The U.S. Small Business Administration, facing criticism for a slowdown in licensing times in the Small Business Investment Company program, is working on a series of fixes to improve the efficiency of the process. The SBIC program, which provides government-backed leverage for GPs that invest equity and debt in qualifying small businesses, has broad bipartisan […]

Eric Albertson, Aberdeen, private equity, merger, M&A
188 Views

Five Questions with Eric Albertson, senior director, secondaries, at Aberdeen

Eric Albertson is senior investment director in charge of secondaries at Aberdeen Standard Investments. He spoke with Buyouts about his firm’s approach to finding value in the secondary PE marketplace. Aberdeen tends to focus on the smaller end of the secondary market. What kinds of opportunities are you seeing? We will use secondaries sporadically throughout […]

MassPRIM, Massachusetts Pension Reserves Investment Management Board, pension fund, private equity
162 Views

MassPRIM increases PE target, commits $480 mln to GPs

Massachusetts Pension Reserves Investment Management Board approved a 1 percentage point increase in its target allocation to private equity at its February meeting, while also committing $480 million to new PE strategies. MassPRIM, which manages $69.3 billion in its pension trust, voted to increase its private equity allocation to 12 percent from 11 percent, with […]

Washington State Investment Board, TPG, Stone Point Capital, Menlo Ventures, private equity, venture capital, pension fund

Washington State backs TPG and TPG Sixth Street with new PE commitments

Washington State Investment Board at its February meeting approved $750 million in private equity commitments, backing funds focused on growth, credit, and impact investments. The board committed: $300 million to Stone Point Capital’s Trident VIII fund, which has a $6.5 billion hard cap and will focus on North America and Western Europe buyouts in the […]

Washington State Investment Board, TPG, Stone Point Capital, Menlo Ventures, private equity, venture capital, pension fund
230 Views

Washington State backs TPG and TPG Sixth Street with new PE commitments

Washington State Investment Board at its February meeting approved $750 million in private equity commitments, backing funds focused on growth, credit, and impact investments. The board committed: $300 million to Stone Point Capital’s Trident VIII fund, which has a $6.5 billion hard cap and will focus on North America and Western Europe buyouts in the […]

Kirk Sims
186 Views

Texas TRS hires emerging manager director from Illinois Teachers

Teacher Retirement System of Texas hired Kirk Sims from Illinois Teachers Retirement System to lead its emerging manager program. The $150 billion Texas Teacher pension has an active emerging manager program, with $3.7 billion committed since inception, and another $2.1 billion invested with firms that had graduated from the EM Program, including Vista Equity Partners. The pension launched an […]

Calpers, pension fund, private equity
321 Views

CalPERS eyes secondaries, co-investing to boost PE exposure

California Public Employees’ Retirement System is looking for more traditional ways to boost its exposure to private equity, including buying secondaries and increased co-investing. Even as CalPERS explores plans to launch its own captive private equity funds, the $354 billion retirement system could benefit from opportunistic reengagement with secondaries and co-investment, according to its PE […]

M&A, private equity, merger
349 Views

GPs start prepping companies for sale up to two years before a deal: EY

When it comes to pondering sales of portfolio companies, firms are thinking much further ahead, to the tune of preparing companies for exit 18 to 24 months before a sale, fresh EY research shows. That is a jump from the past, when firms began seriously preparing for a sale about six months before a deal, Bill […]

Calpers, private equity, pension fund
287 Views

CalPERS committed $1 bln to PE in final months of 2018

California Public Employees’ Retirement System reported three large private equity commitments for the last two months of 2018, contributing more than $1 billion to the asset class. The $353 billion pension system committed $300 million to KKR European Fund V and $380 million to PAG Asia III in November, and $400 million to Grandval Fund […]

Commonfund Capital, private equity, pension fund, secondary deals
301 Views

Commonfund sees value in overlooked secondary niches

While many investors are frustrated with high prices on secondary private equity assets, Commonfund still sees value in overlooked corners of the market. The market for secondary transactions, which Evercore recently reported grew a third to $72 billion in 2018 from $54 billion in 2017, is playing an increasingly important role in investors’ PE strategies. Commonfund, […]