Highbridge Capital Management, HPS Investment Partners, private equity, pension fund, TRS Louisiana
503 Views

Highbridge spinout HPS targets $8 bln for fourth mezz pool

HPS Investment Partners is back with its fourth mezzanine fund, targeting $8 billion, Teachers’ Retirement System of Louisiana documents show. Louisiana Teachers’ committed $100 million to HPS’s new fund. HPS’s previous mezzanine-debt fund raised $6.6 billion, the largest debt fund in 2016. Its second mezzanine fund closed at $5 billion in 2013. HPS, formed in 2007 as […]

Pearl Fund, real estate, technology, opportunity zones, private equity, venture capital, Brian Phillips
201 Views

Pearl Fund, non-real-estate opportunity zone fund, joins fundraising fray

Pearl Fund, a venture capital-focused opportunity zone fund, is targeting $50 million to invest in early-stage companies. The fund will focus on technology in opportunity zones in New York, northeast Pennsylvania and northern New Jersey. Brian Phillips, promoter of Pearl Fund, is a serial early tech entrepreneur. He founded Information Technologies Group and sold it […]

369 Views

GPs face high multiples, ‘creative’ Ebitda adjustments to find deals: Riverside’s Kriscunas

A local presence and specialization can help middle-market private equity firms navigate the hypercompetitive environment. That was the sentiment from Suzy Kriscunas, managing partner at Riverside Co, who gave a keynote address at Buyouts Insider’s PartnerConnect Texas conference in Dallas Nov. 11. Kriscunas, who leads a 40-member team for Riverside in Dallas, said current challenges include […]

Commonfund, private equity, pension fund, diversity, Caroline Greer
249 Views

Commonfund opens diversity office to boost LP dialogue around women

Diversity in private equity is an issue that has slowly gained more attention, but meaningful change won’t likely happen until the limited-partner community fully pushes its managers to make change. Women represented only 17.9 percent of PE employees globally and just 17.1 percent in the U.S., Preqin reported last year. Of the 9.4 percent that […]

San Francisco Equity Partners, private equity, family office, consumer products
346 Views

SF Equity Partners transitions from independent sponsor, raises PE fund

San Francisco Equity Partners, transitioning from a family-backed independent sponsor to a private equity firm, is raising a fund targeting $125 million, according to a Form D. The firm, led by Scott Potter, began as a European family-backed independent sponsor in 2005, a source familiar with the firm said. Later, the firm began seeking additional […]

private equity, Connecticut Retirement Plans and Trust Funds, pension fund, Shawn Wooden

Connecticut mulls $100 mln for VC funds and startups

Connecticut State Treasurer Denise Nappier is mulling a $100 million re-up to Constitution V Fund, which invests in venture capital funds. The fresh commitment would create two additional investment pools in the existing Constitution Fund V, according to documents from the treasurer’s office. The $150 million Constitution Fund V, split into two parts called Series […]

North Dakota State Investment Board, Corsair Capital, private equity, pension fund
175 Views

North Dakota sells Corsair fund stake as it pares portfolio

North Dakota State Investment Board sold a $25 million commitment in Corsair Capital’s fourth fund to Hamilton Lane, a source close to the pension system confirmed. North Dakota pension trust’s PE portfolio has underperformed mainly because of investments made before 2013, David Hunter, the pension system’s CIO, has told Buyouts. “Although the North Dakota State Investment Board […]

MIT, Massachusetts Institute of Technology, private equity, limited partner, endowment, technology, accelerator
159 Views

MIT’s endowment closes accelerator fund at $204.5 mln

The Engine Accelerator, Massachusetts Institute of Technology’s first fund for so-called tough tech, officially closed at $205.2 million, according to a recent report from the school’s treasurer for the year ended June 30, 2018. The Engine initially announced in September 2017 that it had raised $200 million for its first fund, according to a previous […]

Pennsylvania State Employees’ Retirement System, pension funds, private equity, PA SERS
143 Views

Pennsylvania pensions push back on claims of underreported PE fees

Pennsylvania Public School Employees’ Retirement System and Pennsylvania State Employees’ Retirement System may have paid almost three times the reported fees to their private equity general partners. The two pension systems paid almost $6 billion in PE fees in the past 10 years, with only $2.2 billion reported, said Ludovic Phalippou, assistant professor of finance at Oxford University. The systems had […]

Oaktree Capital Group, private equity
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Illinois Municipal pulls pledge to Oaktree infra after changes, turnover

Illinois Municipal Retirement System pulled a $100 million commitment to Oaktree Capital Management’s Transportation Infrastructure Fund after changes in team and structure of the pool, the system said at its Aug. 23 meeting. Beginning in 2015 Oaktree had been marketing a pool called Transportation and Energy Infrastructure Fund, targeting $3 billion with a $4 billion […]

Pennsylvania State Employees’ Retirement System, pension funds, private equity, PA SERS
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PA PSERS to double PE co-investments, hire staff to cut fees

Pennsylvania Public School Employees’ Retirement System, at its Aug. 10 meeting, moved forward with a plan to reduce $2.4 billion in investment fees over 30 years. The long-term recommendations include doubling the private equity co-investment portfolio and hiring more investment professionals. The retirement system expects further discussion and review of the co-investment program at its […]

Alameda County Employees’ Retirement Association, private equity, pension fund, California
125 Views

Alameda County mulls new relationships as it builds PE exposure

Alameda County Employees’ Retirement Association is mulling two commitments to new PE relationships as it steadily builds exposure to the asset class. The $8.1 billion pension system is considering pledging $34 million to Audax Private Equity’s sixth fund, its first commitment to Audax, its investment-committee meeting agenda for Aug. 8 shows. Earlier this year, the […]

CalSTRS, private equity, pension fund, AlpInvest, Europe, Asia
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CalSTRS hires AlpInvest as co-investment adviser to expand program’s reach

California State Teachers’ Retirement System hired AlpInvest Partners as its co-investment adviser to reach the smaller end of the private equity spectrum and extend its global reach, said Seth Hall and Robert Ross, portfolio managers in PE at CalSTRS. Co-investments make up almost 7 percent of CalSTRS $18.2 billion PE program. With its no-fee, no-carry model, […]

CalSTRS, pension fund, private equity, Margot Wirth
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CalSTRS revamps PE portfolio, eyes direct-investing strategies

California State Teachers’ Retirement System at its recent July board meeting presented a reorganization of its PE portfolio and added a new sub-asset class. The restructuring is meant to make room for opportunistic, long-term strategies, Margot Wirth, director of private equity for CalSTRS, said at the meeting. The PE portfolio will be divided into traditional and […]

Vista Equity Partners, Bullhorn Inc, private equity, merger, M&A
132 Views

Texas County & District bets on China-focused funds, venture

Texas County & District Retirement System has committed $357 million to seven private equity funds to date in 2018. Most of these are re-ups to existing managers. TCDRS’s $3.8 billion private equity portfolio generated the highest returns over the one and three-year periods as of March 31, 2018. It returned 19.8 percent over one year, […]

Teachers’ Retirement System of Louisiana, pension fund, private equity, venture capital, Hamilton Lane, real assets

Louisiana Teachers’ commits $175 mln to Blackstone, TCV, TPG

Teachers’ Retirement System of Louisiana re-upped $175 million across three private equity funds, its July 12-13 meeting materials show. “This is in line with the fund’s direction of committing to the best available GPs,” said Maurice Coleman, deputy chief investment officer at TRSL. Hamilton Lane is the fund’s PE adviser. The pension fund’s alternative-assets and […]

Teachers’ Retirement System of Louisiana, pension fund, private equity, venture capital, Hamilton Lane, real assets

Louisiana Teachers’ commits $175 mln to Blackstone, TCV, TPG

Teachers’ Retirement System of Louisiana re-upped $175 million across three private equity funds, its July 12-13 meeting materials show. “This is in line with the fund’s direction of committing to the best available GPs,” said Maurice Coleman, deputy chief investment officer at TRSL. Hamilton Lane is the fund’s PE adviser. The pension fund’s alternative-assets and […]