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Wisconsin cleans up on co-invests, reveals $800 mln-plus commitment activity

The State of Wisconsin Investment Board had robust private equity results for fiscal year 2019 and made about $855 million in private equity commitments in the second quarter, according to updates given to the board during September meetings. The board invests on behalf of the Core Trust Fund of Wisconsin Retirement System. Wisconsin’s four separate […]

547 Views

Bookend, run by ex-TSG partner, raises $86.8 mln for debut

Bookend Capital Partners attracted a commitment from at least one major pension for its debut fund, Buyouts has learned. The State of Wisconsin Investment Board committed $50 million to Bookend Capital I in the second quarter of 2019, according to meeting materials. The money is from the $103.3 billion Core Trust Fund for the Wisconsin Retirement […]

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Texas Teachers’ separate-account program with KKR and Apollo hits rough patch

A pioneering separate-account program formed by Texas’ state teachers’ pension fund with KKR & Co. and Apollo Global Management took a dive in private equity performance over the past year, although long-term returns appear stable, Director of Strategic Partnerships and Research Michael Pia told the board at its September meeting. Private equity in the program returned […]

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Jones defeats PE critic Jelincic to stay on CalPERS Board

Henry Jones defeated challenger J.J. Jelincic, a critic of the system’s private equity efforts, to hold onto his seat on the Board of Administration for California Public Employees Retirement System, CalPERS announced Friday. According to a CalPERS press release, Jones received 76,570 votes, or 65.82 percent of the vote, while Jelincic received 39,495 votes or 34.18 […]

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Alaska bets $200 mln on in-state investment program

Alaska Permanent Fund Corporation committed $200 million to a new in-state investment program. “The goal of the Emerging Manager Program is to seed new private equity or venture capital fund managers in Alaska,” spokesperson Paulyn Swanson told Buyouts in an email. An Alaska statute already instructs Alaska Permanent to prefer in-state investments as long as they […]

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New Jersey reports FY 2019 results, makes new PE commitments

New Jersey State Investment Council had a 10.03 percent return on its private equity investments in fiscal 2018-2019, according to meeting materials provided to Buyouts. While PE performed second-best of all the state pension fund’s asset classes, it also failed to meet its benchmark of 12.29 percent. The fund’s overall return in FY 2018-2019 was […]

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Paine Schwartz hits $1.4 bln hard cap for food-and ag-focused Fund V

Paine Schwartz Partners has secured about $1.42 billion for the final close of Paine Schwartz Food Chain Fund V, a source told Buyouts. The fund will focus on the food and agribusiness value chain. As Buyouts has reported, the fund launched in May 2018. Its original target was $1.2 billion. Rhode Island State Investment Commission […]

1025 Views

Zelter: Apollo keeps dry powder on hand for market dislocation

Apollo Global Management has about $44 billion in dry powder across its platform as of June 30, Co-President and Chief Investment Officer for Credit James Zelter told Buyouts. That includes $34 billion for private equity, $6 billion in credit and $4 billion in real assets, according to the firm’s second-quarter earnings report. The topic came […]

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Oregon commits $1.6 bln to private investments over busy summer

Oregon Investment Council made $1.6 billion in private investment commitments between June and September, including $800 million to private equity, $300 million to alternatives and $500 million to real estate. Private equity • $50 million to Advent Global Technology LP, a $2 billion fund managed by Advent International, which closed earlier this month after beating […]

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Oaktree’s Howard Marks rails against Democrats’ wealth tax plans

Howard Marks, co-chairman of Oaktree Capital Group, is not one to shy away from stating his opinion. He’s been promulgating his thoughts through widely-read “memos” he periodically publishes on Oaktree’s website for all to read. Marks shared his thoughts during a keynote interview this week on various topics, including what he viewed as the “punitive” measures […]

1058 Views

FlowStone debuts fund aimed to “democratize” private equity

Scott Conners, president and managing director of FlowStone Partners, sees an issue in the private equity space. “High-net-worth investors, particularly the mass affluent, are just really underrepresented in alternatives and private equity specifically,” he told Buyouts. “How do you get access to capital that wants to be in private equity but doesn’t have a place […]

Oregon promotes Messer to investment officer on PE team

Oregon Investment Council has promoted Eric Messer from investment analyst to investment officer on its private equity team, it announced in a report issued ahead of its meeting last week. Messer started at the Council, which is part of the Oregon State Treasury, in March 2017, coming over after 11 years at Arnerich Massena, an […]

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Report: Family offices faced diminishing returns in 2018-19, but private equity stayed strong

Family offices worldwide faced diminishing returns in 2018, according to the Global Family Office Report for 2019, prepared by Campden Wealth Research in partnership with UBS. The average family office portfolio returned 5.4 percent between the first two quarters of 2018 and the first two quarters of 2019. The Asia-Pacific region had the best returns, […]

Texas, Texas municipal retirement system, private equity
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Texas Teachers FY 2019 private equity returns come in below benchmarks

Teacher Retirement System of Texas last week reported private equity returns of 4.3 percent for the second quarter, and one-year returns of 10.7 percent as of June 30, below its benchmarks of 4.8 percent and 11.9 percent, respectively. The $156.4 billion fund’s entire portfolio came in below its benchmarks as well, with returns coming in […]

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Oregon promotes Messer to investment officer on PE team

Oregon Investment Council has promoted Eric Messer from investment analyst to investment officer on its private equity team, it announced in a report issued ahead of its meeting last week. Messer started at the Council, which is part of the Oregon State Treasury, in March 2017, coming over after 11 years at Arnerich Massena, an […]

163 Views

Washington unveils $1.1 bln in private investments

Washington State Investment Board’s staff revealed that $600 million in staff-delegated private equity investments had been implemented at its meeting Thursday, the board said. The investments are: • $200 million to Advent Latin American Private Equity Fund VII, a $2.2 billion fund launched in April by Advent International, according to Reuters. This is the fourth […]

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Washington considers pledge to Leonard Green’s debut mid-market fund

Washington State Investment Board’s Private Markets Committee recommended four investments last week ahead of the Board’s scheduled meeting Thursday. The investments included one to the private equity asset class and three to the tangible assets class, totaling up to $600 million. The private equity investment is: • Up to $200 million to Jade Equity Investors, […]

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University of California posts strong PE returns in FY 2018-2019

University of California’s endowment had a 27.4 percent return on its $1.9 billion private equity portfolio in fiscal 2018-2019, while its pension saw a 13.7 percent return on its $4.1 billion portfolio, according to a report released ahead of its Board of Regents meeting this week. The office of UC Chief Investment Officer Jagdeep Bachher […]