A freshly caught lobster sits in a holding tank on the lobster boat "Wild Irish Rose" before being delivered to a wholesaler at the port in Portland, Maine August 21, 2013. Lobster populations in Maine are booming like never before. The number of lobster processing plants in the state has more than tripled, from 5 in 2010 to 16 last year. Picture taken August 21, 2013. To match Feature USA-LOBSTER/ REUTERS/Brian Snyder (UNITED STATES - Tags: MARITIME BUSINESS FOOD ANIMALS) - RTX12VOM
116 Views

Maine backs Tennenbaum direct lending fund for $100 mln

Maine Public Employees Retirement System at its meeting last week approved a commitment of up to $100 million to Tennenbaum Capital Partners’ eighth direct lending fund, according to a retirement system spokesperson. It’s unclear how much Tennenbaum plans to raise for TCP Direct Lending Fund VIII, which will invest in North American mid-market companies. In […]

Alaska Permanent Fund, private equity, pension fund, insurance

Alaska Permanent Fund’s PE program nets 21 pct in FY 2017

Alaska Permanent Fund Corporation’s $4.6 billion private equity program returned 20.98 percent in the 2017 fiscal year, boosting Alaska’s overall return of 12.57 percent on the year, according to a recent press release. “The private equity and special growth opportunities portfolios were strong contributors to the overall portfolio gain,” according to an Aug. 18 press […]

venture capital, Lacera, pension fund

Los Angeles County commitments surge with $390 mln to three new funds

Los Angeles County Employees Retirement Association at its August meeting committed roughly $390 million to three new private equity funds, which could bring its total commitments for the year north of $1 billion. Last week, the LACERA board of investments approved a commitment of up to $200 million to Onex Partners flagship buyout fund, along with up to […]

Los Angeles City Employees’ Retirement System, Bain Capital, private equity, pension fund
176 Views

Los Angeles County commitments surge with $390 mln to three new funds

Los Angeles County Employees Retirement Association at its August meeting committed roughly $390 million to three new private equity funds, which could bring its total commitments for the year north of $1 billion. Last week, the LACERA board of investments approved a commitment of up to $200 million to Onex Partners flagship buyout fund, along […]

Montana Board of Investments, private equity, pension fund

Fees rise slightly at Montana even as reliance on funds-of-funds falls

Montana Board of Investments paid its private equity fund managers more than $26.4 million in fees last year, a slight increase from a year earlier. Montana disclosed its total costs in a report prepared by CEM Benchmarking, a consultant that specializes in assessing public-pension costs. The report will be presented at Montana’s board meeting next […]

Hark Capital, Enhanced Capital, private equity, venture capital, loans

Hark Capital targets $100 mln to lend to PE, VC funds

Hark Capital is raising a $100 million fund to provide asset-backed loans to private equity and venture capital funds. Unlike many private debt funds, which typically provide loans to individual companies, Hark Capital loans are backed by the underlying assets held by each of its financial sponsors’ funds. In the event of a default, Hark Capital’s […]

Hark Capital, Enhanced Capital, private equity, loans, venture capital
149 Views

Hark Capital targets $100 mln to lend to PE, VC funds

Hark Capital is raising a $100 million fund to provide asset-backed loans to private equity and venture capital funds. Unlike many private debt funds, which typically provide loans to individual companies, Hark Capital loans are backed by the underlying assets held by each of its financial sponsors’ funds. In the event of a default, Hark […]

Teachers' Retirement System of Louisiana, pension fund, private equity
246 Views

Louisiana Teachers’ sees private-market allocation rising as much as 14 pct to $1.6 bln

Teachers’ Retirement System of Louisiana might commit as much as $1.6 billion to private-market funds over the next year, up 14 percent from its allocation in the most recent fiscal year. The Louisiana Teachers’ board, which elected to move forward with the FY 2018 investment plan earlier this month, plans to commit as much as $550 million to buyout […]

San Francisco Employees’ Retirement System, San Francisco, private equity, pension fund

San Francisco PE program nets 15.8 pct, surpassing benchmark

San Francisco Employees’ Retirement System’s private equity program has netted a 15.8 percent internal rate of return since inception, surpassing its benchmark by more than half a percentage point, according to a TorreyCove Capital Partners report distributed at its Aug. 9 board meeting. San Francisco, which launched its PE program in 1987, measures its portfolio of PE and […]

SFERS, San Francisco, private equity, venture capital, pension fund
129 Views

San Francisco PE program nets 15.8 pct, surpassing benchmark

San Francisco Employees’ Retirement System’s private equity program has netted a 15.8 percent internal rate of return since inception, surpassing its benchmark by more than half a percentage point, according to a TorreyCove Capital Partners report distributed at its Aug. 9 board meeting. San Francisco, which launched its PE program in 1987, measures its portfolio […]

CalPERS, pension fund, private equity
164 Views

Fund investments still dominate for CalPERS over long term

Fund investments were the top-performing strategy of California Public Employees’ Retirement System’s private equity program over the previous decade, even as the $331.7 billion system explores alternative strategies to access PE returns. The $17.1 billion portfolio of PE fund investments delivered a 10.1 percent annualized return in the decade, a Meketa Investment Group analysis of the program shows. […]

NYS Teachers' Retirement System, private equity, pension fund
329 Views

NYS Teachers’ builds PE program through new relationships

New York State Teachers’ Retirement System is building out its private equity portfolio at a rapid clip, having formalized 10 new relationships with PE managers in the past year, investment disclosures from the system show. The $108 billion retirement system moved forward with just two re-ups in that period, allocating as much as $200 million to […]

State of Wisconsin Investment Board, private equity, pension fund, Chequers Capital, Platte River Equity, Merit Capital Partners
258 Views

Wisconsin backs small, midsized firms with Q2 commitments

State of Wisconsin Investment Board is continuing to allocate the bulk of its PE commitments to small and mid-market private equity firms, an investment disclosure the public pension released last week shows. Wisconsin committed a little more than $200 million to small and mid-market PE funds in Q2, including flagship offerings from Chequers Capital, Platte […]

Lacers, Los Angeles County Employees Retirement Association, pension fund, private equity, Portfolio Advisors
113 Views

LA City extends Portfolio Advisors, prepares timeline for new RFP

Los Angeles City Employees’ Retirement System formally extended its contract with private equity consultant Portfolio Advisors for one year. The extension was approved at the board’s July 25 meeting, two weeks after retirement-system board member Nilza Serrano claimed the firm had misrepresented its track record in bidding for a new contract. The events of the […]

Pension Bridge, private equity
384 Views

Pension Bridge: LPs, GPs wary as PE market nears, breaks records

Private equity firms and their investors are readying their portfolio companies and investment programs for a possible downturn. “Every single one of our base cases now involves a recession,” said Todd Abbrecht, head of private equity at Thomas H. Lee Partners, at a Pension Bridge event held at the Trump International Hotel in Chicago. PE firms […]

Jonathan Coslet TPG PCW 2013
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Coslet: TPG caps capital-call lines at nine months

TPG caps its capital-call facilities at nine months, well short of the two- and three-year facilities that have become a flashpoint for debate among LPs. Speaking at a Pension Bridge event held at the Trump International Hotel in Chicago, TPG CIO Jonathan Coslet said the firm’s use of capital call facilities — sometimes known as subscription line […]

Canadian Prime Minister Justin Trudeau and Iowa Governor Kim Reynolds meet at the National Governors Association summer meeting in Providence, Rhode Island, U.S., July 14, 2017. REUTERS/Brian Snyder - RTX3BHYH
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Iowa sees pushback on adoption of ILPA template for PE fees, expenses

Less than a third of the private equity funds in Iowa Public Employees’ Retirement System’s portfolio report fees and expenses using the Institutional Limited Partners Association’s standardized template, documents obtained by Buyouts show. Just 31 percent of the fund managers in the $3.5 billion portfolio use the template, Pathway Capital Management reported in a June presentation […]