Silversmith Capital Partners, private equity

MassPRIM bets on Polaris Partners debut growth fund

Massachusetts Pension Reserves Investment Management Board committed $35 million to venture capital firm Polaris Partners’ first growth equity fund, which is targeting $175 million. Polaris’s debut growth equity fund will target buyouts of lower-middle-market software and technology-enabled services company in North America. MassPRIM does not generally invest in first-time funds, but the existing Polaris relationship […]

American Investment Council, private equity

PE generates highest returns for public-pension funds: study

Private equity was the top performing asset class for public-pension funds, returning 8.6 percent on 10-year median annualized returns in 2017. That’s the upshot of an American Investment Council study released May 24. The study examined the data of 163 U.S. public-pension funds from Sept. 30, 2016, to Nov. 30, 2017, with most dates as of […]

University of Louisiana Lafayette, private equity, pension fund, Cambridge Associates

UL Lafayette Foundation outsources investments to Cambridge

University of Louisiana at Lafayette Foundation has turned over investment management of its $170 million portfolio to Cambridge Associates’ outsourced CIO group. “Managing a complex portfolio, generating high returns for their private market portfolios and access to good managers are some reasons midsized institutional investors are outsourcing their investment portfolios,” said Max Senter, chief investment officer with the group, […]

Data VC Venture
155 Views

Illinois Municipal builds separate accounts with Goldman, HarbourVest

Illinois Municipal Retirement Fund partnered with Goldman Sachs and HarbourVest on fund-of-one accounts to expand its exposure to private equity. The pension fund committed $100 million to Goldman and $200 million to HarbourVest in evergreen separate accounts, according to a press release. It’s not clear what strategies each fund focuses on. Illinois Municipal has two existing separate accounts with […]

MassPRIM, Providence Equity, private equity
170 Views

MassPRIM bets on Providence Equity’s lower-mid-market fund

Massachusetts Pension Reserves Investment Management Board committed $75 million to Providence Strategic Growth’s third fund, which is targeting $1.25 billion for investments in lower-middle-market tech businesses. This is the pension fund’s first investment in Providence Strategic, an affiliate of the $57 billion asset manager Providence Equity. It has invested in five Providence Equity funds since […]

Boston New York VC MoneyTree
224 Views

MassPRIM builds co-invest bench, focuses mainly on re-ups

Massachusetts Pension Reserves Investment Management Board added Thompson Street Capital Partners, Polaris Partners and Providence Equity Partners to its co-investment manager bench for opportunities the staff manages in-house. The MassPRIM board approved the co-investment program in 2014 and instituted a co-investment bench of managers with which the system would work. MassPRIM staff will manage these […]

Chad Boeding, Epiq Capital Group, Mark Zuckerberg, Facebook, private equity, Iconiq
725 Views

Boeding quits Zuckerberg’s investment manager, launches multifamily office

Chad Boeding, co-founder of ICONIQ Capital, has left to start a multifamily office, EPIQ Capital Group. Based in San Francisco, EPIQ intends to provide investment advice to senior executives and founders of high-profile companies that have a net worth of more than $100 million. Several ICONIQ employees, from analysts to vice presidents, left to join Boeding’s […]

Arizona PSPRS, private equity, venture capital, pension fund
171 Views

Arizona pension speeds co-investment decisions with reserve pools

The battle is on for co-investment opportunities and limited partners are finding innovative ways to gain an edge. Arizona Public Safety Personnel Retirement System’s strategy centers on reserving co-investment allocations when making fund commitments, according to Mark Steed, deputy chief investment officer and chief of staff for the Arizona pension fund. The reserves, preapproved by the […]

Carleton College, Kelsey Deshler, private equity, pension fund, education
365 Views

Carleton College seeks private-markets exec as it expands investment team

Carleton College’s endowment is building its investment team after hiring Kelsey Deshler as chief investment officer earlier this year. Expanding the team is one of her top priorities, Deshler said. The new roles include a private-markets professional and a generalist for the team; two interns from Carleton will also be working with the investment office this year. Deshler […]

Alaska Permanent Fund, private equity, pension fund
263 Views

Alaska Permanent’s PE program drives strong returns

Alaska Permanent Fund Corp’s $7.6 billion private equity portfolio returned 18.94 percent, the highest among all asset classes for the nine months ended March 31. The $64.59 billion fund continues to take direct control of the program and build out its co-investments. The PE portfolio generated 24.38 percent over the 12 months and has averaged 22.05 […]

Pennsylvania State Employees’ Retirement System, private equity, pension fund
138 Views

PA SERS commits $75 mln to Hahn & Co, eyes co-investments

Pennsylvania State Employees’ Retirement System committed $50 million to Hahn & Co’s Fund III and $25 million to Hahn’s Fund III-S LP, which will co-invest alongside Fund III. In a bid to reduce management fees, the pension fund will research co-investment opportunities, the 2018-2019 Investment Plan, approved by the Pennsylvania SERS board on April 25, shows. Moreover, the pension hopes […]

Abu Dhabi Investment Authority, UAE, private equity, pension fund
481 Views

PE may be entering a period of lower returns: ADIA

Increased competition for deal flow and high valuations suggest that private equity returns may reduce for 2018 and beyond, Abu Dhabi Investment Authority’s 2017 annual report said. But ADIA’s PE strategy of regional and sector focus will enable it to assess relative value of investments across geographies and capital structures, the report said. In addition, […]

TPG, Rise Fund, John Kerry, renewable energy, private equity
166 Views

John Kerry joins TPG’s Rise Fund as adviser with renewable energy focus

TPG’s impact-investing group hired former Secretary of State John Kerry as senior adviser for its renewable-energy portfolio. Kerry will “help develop and advance broad strategy goals, work with portfolio companies, and help develop investment opportunities,” Rise Fund said in a news release. To date, Rise Fund has invested in two energy-related companies. One is C3IoT, an artificial-intelligence company with […]

Swarthmore College, pension fund, private equity, fossil fuels, oil and gas, divestment
126 Views

Student pressure to divest from fossil fuels may affect PE at Swarthmore

Swarthmore, whose $1.95 billion endowment returned 14.2 percent last year, once again faces student activism to divest fossil-fuel investments. Swarthmore Sunrise, the activist student group, wants the college to shed direct investments in fossil fuels. It also wants external investment managers to move the endowment into fossil-free portfolios. The group has asked Valerie Smith, the college president, […]

Swarthmore College, pension fund, private equity, fossil fuels, oil and gas, divestment
100 Views

Student pressure to divest from fossil fuels may affect PE at Swarthmore

Swarthmore, whose $1.95 billion endowment returned 14.2 percent last year, once again faces student activism to divest fossil-fuel investments. Swarthmore Sunrise, the activist student group, wants the college to shed direct investments in fossil fuels. It also wants external investment managers to move the endowment into fossil-free portfolios. The group has asked Valerie Smith, the college […]

Artificial intelligence, venture capital, Oak HC/FT, Tricia Kemp
231 Views

AI’s sharp gains in venture funding anything but artificial

Venture is diving ever deeper into artificial intelligence, finding fresh problem-solving opportunities in potentially lucrative fields like payment processing and fraud prevention, self-driving vehicles, machine learning and more, industry players and the latest data say. Q1 venture investments in AI jumped 72 percent to $1.9 billion from a year earlier, according to the MoneyTree Report […]

Patrick McCloskey, Aeterna Capital, private equity, family office
492 Views

Five Questions with Patrick McCloskey, founder of Aeterna Capital Partners, a family office-backed investment firm

Patrick McCloskey is founder and managing partner of Aeterna Capital Partners and represents the interests of a European multigenerational family. The firm, set up in the U.S. in 2013, focuses on lower-middle-market companies and structured special situations. Previously, McCloskey co-managed Lazard’s private-placement group from New York and London and held similar roles at Lehman Brothers […]

Pennsylvania State Employees’ Retirement System, private equity, pension fund
127 Views

PSERS to offer fund stakes on secondary market as it shrinks PE portfolio

Pennsylvania State Employees’ Retirement System is following a strategy employed by other U.S. public pensions, aiming to shrink the number of relationships in its private equity portfolio and concentrate larger checks to fewer GPs this year. Other public systems have gone a similar route after years of building large portfolios stacked with hundreds of GP relationships. […]