CalPERS board sends draft code of conduct back for overhaul

California Public Employees Retirement System’s Board of Administration chose to keep revising a draft of a controversial code of conduct for board members at its meeting this month after push-back from certain members. The code was first introduced at CalPERS’s offsite meeting in July, drafted by board members Jason Perez and Rob Feckner. That meeting […]

123 Views

MassPRIM adds Zatoonian to private equity team

Massachusetts Pension Reserves Investment Management Board added Sarah Zatoonian to its private equity team in June as an investment analyst, according to the notes for its Aug. 13 meeting. Zatoonian is a graduate of the College of the Holy Cross, from which she has dual bachelor’s degrees in economics and classics. She also worked in […]

CalPERS, headquarters, Sacramento, California, HQ
232 Views

CalPERS invests $3.6 bln in first half of 2019

California Public Employee Retirement System is one of the busiest private equity limited partners in the business. The system, which had about $376.2 billion in assets as of Aug. 16, completed nine commitments totaling $3.6 billion in the first half of 2019, according to a report presented to the board at its August board meeting […]

1306 Views

CalPERS Board president: PE partners chased away by press leaks

Candidates to help run California Public Employees Retirement System’s planned direct investment funds backed out due to an article that named two people associated with Silver Lake as being in the running, according to Henry Jones, president of CalPERS’s board. Jones divulged the recruiting challenges at a Retired Public Employees Association of California picnic in Santa […]

646 Views

Stephens Group brings PE know-how to family office space

Stephens Group, founded in 2006 by W.R. “Witt” Stephens, Jr and his sister Elizabeth, is not your typical single-family office. The Stephens family fortune was built by their father, Witt Stephens, Sr., a “southern financier” who began making private investments in 1933, before the private equity or venture capital industries were well-established—and now his relatives […]

359 Views

CalPERS bets on Advent, Cerberus, Lindsay Goldberg

California Public Employees Retirement System made almost $2 billion in private equity commitments in May and June, according to an agenda posted on its website ahead of its monthly Board of Administration meeting next week. In May, CalPERS committed $550 million to Advent International GPE IX, LP. This $17.5 billion fund will invest in “buyout, […]

623 Views

Motive reaches $500 mln target on debut fund

Motive Partners, which received backing last year from a major seeding firm, raised $500 million for its debut fund to invest in financial services-focused technology businesses, a source told Buyouts. Motive was targeting $500 million for Motive Capital Fund I. It’s not clear if Motive held a final close on Fund I. Motive Partners declined […]

infrastructure, United States
313 Views

New York Common contributes to Blackstone infra push

New York State Common Retirement Fund announced last week it allocated $300 million to Blackstone Infrastructure Partners in a deal closed June 30. Soon after that, Blackstone announced that BIP “held the final close of its inaugural fundraising phase” with $14 billion raised in total. That $14 billion is made up of $7 billion from […]

CalPERS, headquarters, Sacramento, California, HQ
1326 Views

CalPERS considers board confidentiality rules ahead of private equity rollout

California Public Employees Retirement System’s Board of Administration briefly considered a strict policy restricting member communications about board decisions before backing off the idea after criticism from several board members. The policy, parts of which are still being scrutinized by some board members, was introduced just as the system is considering a massive and controversial […]

New York, Manhattan, skyline
278 Views

New York Common makes over $1 bln in commitments in June

New York State Common Retirement Fund announced more than $1 billion in commitments in its monthly transaction report for June 2019. Among the commitments: • $300 million to Blackstone Infrastructure Partners, closed June 30. BIP is an “open-ended, commingled investment fund” managed by the Blackstone Group; • $200 million to Whitehorse Liquidity Partners III LP, […]

Massachusetts, state house, Boston
407 Views

MassPRIM peerless among pension private equity performers: study

Massachusetts Pension Revenues Investment Trust had the strongest 10-year return on private equity investments among public pensions surveyed as of the 2017-2018 fiscal year, according to a study from the American Investment Council, a lobbying and advocacy group based in Washington, D.C. Massachusetts PRIT had a 13.63 percent 10-year return on its investments, edging out […]

Illinois, state fkag
151 Views

TRS commits to Arlington, Aurora and Carlyle

Teachers’ Retirement System of Illinois announced $350 million in private equity commitments at its Board of Trustees meeting Friday, the fund said. The commitments were: • $75 million to Arlington Capital Partners; • $75 million Aurora Capital Partners; • $200 million to Carlyle Group. The Arlington and Aurora allocations represent new relationships, while Carlyle already […]

Florida, Tallahassee, capital
207 Views

Florida SBA makes $868 mln in private equity allocations in 2019 Q2

Florida State Board of Administration committed $868 million to private equity managers in 2019 Q2, it announced this week, out of $1.85 billion in total commitments. Funds included heavyweights like Warburg Pincus and Blackstone Group. Commitments include: • $100 million to Stone Point Capital’s Trident VIII fund, focused on buyouts; • $150 million to Searchlight […]

Albany, New York, capital
206 Views

New York Teachers pledges $522 mln to PE in Q2, including co-investment fund

New York State Teachers’ Retirement System made commitments to nine private equity funds in the second quarter, according to documents released ahead of Wednesday’s July board meeting, totaling about $522.4 million. Among the new commitments: up to $100 million to Amulet Capital Fund II; up to $75 million to CapStreet V; up to £23.1 million ($28.1 […]

Boston Massachusetts MassPRIM
223 Views

MassPRIM hits $1 bln in PE pledges this year, could go as high as $2 bln

Massachusetts Pension Reserves Investment Management Board (MassPRIM) committed more than $1 billion out of a planned private equity pacing of as much as $2 billion in 2019, and recently approved more than $500 million in new commitments. At its May 14 board meeting, MassPRIM allocated $260 million to Advent International GPE IX, LP, $250 million […]

Federico Schiffrin, Unigestion
206 Views

Five Questions with Unigestion’s Federico Schiffrin

Federico Schiffrin is a private equity partner with Unigestion, a Switzerland-based investment manager with $23 billion in AUM, where he runs the firm’s direct investments in the United States. We sat down with him recently to get his thoughts on family offices and independent sponsors. What is it like working with family offices? There are two things […]

New Jersey, pension, funds, capital
225 Views

New Jersey Investment Council ups private equity asset range

New Jersey State Investment Council increased its private equity asset class range Wednesday to 9-to-15 percent of its total allocation from 4-to-12 percent before. “The ranges give the Division of Investment the necessary flexibility to take advantage of short-term opportunities as they arise,” spokesman William Skaggs told Buyouts in an email. The range hike comes […]

San Bernardino County Employees’ Retirement Association, pension fund, private equity
127 Views

CalSTRS, CalPERS miss net return goal for fiscal 2019

California State Teachers’ Retirement System (CalSTRS) announced Tuesday it returned a net 6.8 percent on investments for the fiscal year ending June 30, slightly below its goal of 7 percent. It also reported its highest ever fund value at $236.9 billion. The pension fund’s three-year, 10-year and 25-year returns were above 7 percent, with the […]