Charles Skorina, an executive recruiter

Pay Disparities Remain Big Part Of LP Landscape

The highest-paid public official in many states is—not a big surprise—the college football or basketball coach. But not in Wisconsin. There, the top spot last year went to David Villa, the chief investment officer for the State of Wisconsin Investment Board, who earned $834,000 in total compensation, including a $421,000 bonus, according to Wisconsin’s Dept of Administration. Villa’s pay far exceeded that of Gov. Scott Walker, who earned $143,872.

Minnesota Pension Chief Bicker Set To Retire: UPDATED

One of the nation’s most experienced pension officials, Howard Bicker, the long-time chief investment officer and executive director of the Minnesota State Board of Investment, plans to retire after 32 years in the role, according to the board minutes of the pension’s last meeting.  Since Bicker took on the role, the state’s main pension system has achieved returns in excess of 10 percent, the pension reported.

CalSTRS Boosts Private Equity Target By $1.7 Bln

The $170 billion California State Teachers’ Retirement System, as part of a “subtle” shift to its long-term allocation targets, boosted the amount of money it plans to invest in private equity by 1 percentage point, to 13 percent of its overall portfolio, according to a news release. The increase translates to $1.7 billion.

Flood of PE Distribution At CalPERS

CalPERS May Be Overdue For Commitment Spree

Is the $261 billion California Public Employees’ Retirement System due to make a wave of fresh commitments to sponsors? Our analysis of recent board documents from the country’s biggest pension fund suggests that it may be.

Rich Lawson

FIVE QUESTIONS WITH…RICH LAWSON, Chief Executive At HGGC Capital

1. Congratulations on your new role as chief executive of HGGC, the firm formerly known as Huntsman Gay. Is the firm different from the one you co-founded in 2007 with Jon Huntsman Sr. and Robert Gay? No. It’s still the same, the same investment strategy. Over these last five years, when you look at the […]

New York Common Taps Two Europe-Based Funds

The New York State Common Retirement Fund, which oversees $159 billion in assets, committed just under $350 million to a pair of Europe-based private equity funds in July, according to Eric Sumberg, spokesman for Thomas DiNapoli, the New York State Comptroller and sole fiduciary of the state’s biggest pension. The pension had $13.8 billion invested in private equity, about 8.6 percent of its assets, as of March 31. That is slightly below the pension’s 10 percent private equity target.

Commonfund Tops $500M With Natural Resources Fund Of Funds

Commonfund Capital has closed its latest energy and natural resources fund of funds, Commonfund Capital Natural Resources Partners IX LP, raising $507 million, slightly more than the original $500 million target. Fund IX had been raising money for more than a year, according to Keith Luke, president of Commonfund Securities.

Leon Black of Apollo Global

Apollo VII Lands Safely In Top Quartile

Born amid the hysteria of the 2008 financial crisis, Apollo Global Management’s seventh flagship fund combined good timing, aggressive bargain hunting and the avoidance of mistakes to land in the top quartile of its 2008-vintage peers, according to the Buyouts returns database.

Lawson Takes Reins At HGGC In Advance Of Fund II Launch

HGGC, a prominent Palo Alto, California-based middle-market firm, has named Rich Lawson, a longtime managing partner and co-founder, as its new chief executive, the firm announced. The firm recently changed its name from Huntsman Gay Global Capital.

Mill Road Trumpets Micro-Cap LBOs

Mill Road Capital, a firm that takes small positions in public companies with an eye toward taking some of them private, has so far raised $272 million for its sophomore fund, Mill Road Capital II LP. That is more than half the fund’s $525 million fundraising target, according to a recent regulatory filing.  

Illinois Teachers’ Commits $420M To 3 Firms

The Illinois Teachers’ Retirement System, which oversees $39 billion in assets, has committed a combined $420 million to three firms, including Apollo Global Management, New Mountain Capital and ICV Partners, according to Dave Urbanek, a pension spokesman.

Walsh Legacy: Innovation In New Jersey

Timothy Walsh, the innovative chief investment officer in charge of New Jersey’s $74 billion in pension assets, announced that he planned to leave for the private sector effective Aug. 30. Walsh is becoming president and chief operating officer of Gaw North America, the U.S.-based affiliate of Gaw Capital Partners, a major Hong-Kong-based real estate fund manager.

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CalPERS Taps Carlyle For Biggest Pledge Of 2013

The $265 billion California Public Employees’ Retirement System, the largest pension in the United States, approved its biggest private equity commitment so far in 2013, pledging $547 million to The Carlyle Group’s newest flagship fund, Carlyle Partners VI LP, according to board meeting materials made public by CalPERS. A CalPERS spokesman declined to comment further.

CalPERS Taps Carlyle For Biggest Pledge Of ’13

The $265 billion California Public Employees’ Retirement System, the largest pension in the United States, approved its largest private equity commitment so far in 2013, pledging $547 million to The Carlyle Group’s newest flagship fund, Carlyle Partners VI LP, according to board meeting materials made public by CalPERS. A CalPERS spokesman declined to comment further.

‘League Table’ By Preqin Highlights Top PE Firms

As part of Preqin’s annual effort to assess the performance of the private equity fund universe, the private equity data provider has produced a “league table” showcasing the firms whose funds consistently outperform their peers. Historically, private equity has demonstrated a stronger correlation between past performance and future results than almost any other asset class, one of the main reasons that competition is so fierce among investors to commit money to managers with consistently strong fund performance. 

Ruling Against Sun Capital Could Have Wider Impact

In a court case that could add a new risk factor to some deals, the First Circuit Court of Appeals last month ruled in favor of the New England Teamsters and Trucking Industry Pension Fund, which argued that two investment funds managed by Sun Capital Partners were liable for $4.5 million in pension liabilities for Scott Brass Inc, a Sun Capital portfolio company that went bankrupt in 2008.  

SunPic

Ruling Against Sun Capital Could Have Wider Private Equity Impact

In a court case that could add a new risk factor to some deals, the First Circuit Court of Appeals last month ruled in favor of the New England Teamsters and Trucking Industry Pension Fund, which argued that two investment funds managed by Sun Capital Partners were liable for $4.5 million in pension liabilities for Scott Brass Inc., a Sun Capital portfolio company that want bankrupt in 2008, according to Buyouts, peHUB’s sister magazine.