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
407 Views

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
987 Views

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
302 Views

Five Questions with Stanford’s Ashby Monk on fee transparency

Stanford University Prof. Ashby Monk advises pensions on innovative approaches to PE. He spoke with Buyouts about the dangers of pension fund complacency toward high PE fees. 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 “millions to […]

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

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
770 Views

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, Teacher Retirement System of Texas, Texas Teachers, private equity, pension fund, Cinven
183 Views

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
204 Views

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 […]

Florida State Board of Administration, pension fund, private equity, venture capital

Florida to lift in-state tech-investment fund to $1 bln

Florida State Board of Administration is lining up a $125 million commitment that would push up its in-state technology investment program to $1 billion. Hamilton Lane is responsible for most of Florida Growth Fund, which covers venture, growth and mezzanine debt investments in private businesses with significant presence in Florida. A planned new commitment would […]

Florida State Board of Administration, pension fund, private equity, venture capital
211 Views

Florida to lift in-state tech-investment fund to $1 bln

Florida State Board of Administration is lining up a $125 million commitment that would push up its in-state technology investment program to $1 billion. Hamilton Lane is responsible for most of Florida Growth Fund, which covers venture, growth and mezzanine debt investments in private businesses with significant presence in Florida. A planned new commitment would […]

APT Fund Advisory, private equity
446 Views

New placement agent focuses on niche firms, global opportunities

APT Fund Advisory, a new placement agent, is trying to connect smaller global GPs following niche strategies with large North American investors. The New York firm is helping raise five funds: a U.K. global cybersecurity fund, a Brazilian early-stage venture technology fund, a European consumer-buyouts fund, an energy-and-minerals operator fund, and a tech-focused private-credit fund […]

Peter Witte, EY, private equity
297 Views

Back to School: High valuations pump the brakes on successor funds

PE firms are taking longer to return to market with new funds, with high valuations temporarily reversing a trend of accelerating fundraising cycles. The average time between funds increased to four years and three months in 2018, the first such increase in five years, EY’s quarterly PE Pulse report shows. The speed at which GPs […]

Oregon Public Employees Retirement Fund, Oregon Investment Council, John Skjervem, pension fund, private equity
209 Views

Oregon prepares to live with PE overweight during downturn

Oregon Public Employees Retirement Fund, already over its PE target, should prepare to live with an oversized PE portfolio for a long time if a recession hits soon, according to its CIO. The Oregon pension has a 21.3 percent allocation to PE, with a 17.5 percent target. Oregon Investment Council recently approved an asset-allocation change that […]

Oregon Treasury, Oregon Public Employees’ Retirement Fund, Oregon Investment Council, private equity, pension fund
154 Views

Oregon: $675 mln to PE; focus on Europe, big buyouts, more

Oregon Treasury committed $675 million to private equity funds in the past month, backing managers focused on Europe, financial services, energy and large global buyouts. The treasury, which manages the $75 billion Oregon Public Employees’ Retirement Fund and $28.9 billion in other state funds, is over its target allocation to PE. The pension fund has […]

DuPont Capital, Antonis Mistras, private equity
551 Views

DuPont Capital takes turnover in stride, stays steady on PE approach

After a handful of senior departures in its private markets team last year, DuPont Capital says it is back to full strength and business as usual. DuPont Capital manages both the DuPont Pension Trust and fund-of-fund products for other investors, with $1.9 billion in private equity assets under management, as of the fourth quarter of […]

Texas Teacher Retirement System, Texas TRS, private equity, asset allocation
236 Views

Texas Teachers weighs additional allocation to PE

Teacher Retirement System of Texas is considering a modest increase in its private equity allocation, seeking to improve expected returns without sacrificing too much liquidity. Texas Teachers expects its current asset allocation to provide a 7 percent investment return, and it is weighing changes that could bring the expected return up to 7.15 percent, 7.25 percent […]

Vermont Pension Investment Committee, HarbourVest, Siguler Guff, private equity, pension fund
250 Views

Vermont commits $150 mln to PE, adds Siguler Guff as second GP

Vermont Pension Investment Committee at its April meeting committed $150 million to two private equity funds, deepening its relationship with HarbourVest and adding a second GP to its portfolio. The $4.4 billion pension plan is a relatively recent investor in PE, and HarbourVest has been its only GP since it began investing in the asset class. […]

Washington, Washington State Investment Board, National Grid, Blackstone, private equity, renewable energy,
313 Views

Washington State commits $2.6 bln to private markets

Washington State Investment Board committed $2.6 billion to private markets, including a two large re-ups and a new partnership with a renewable energy fund. At its April 18 meeting, Washington reported three commitments under delegated staff authority and two partnerships that had been vetted by its private markets committee. Under delegated staff authority, Washington committed: […]