private equity, infrastructure, technology, internet, airport

Technology transforms infrastructure investing

A lot can change over the life of a 10-year investment fund. The general partner of an infrastructure vehicle launched in early 2008 probably communicated on a Blackberry or first-generation iPhone. They’d rent movies from Blockbuster and buy music at Borders or a Virgin Megastore. Yellow cabs were the cheapest ride to the airport. The development […]


WCAS returns to market with $3.75 bln fund

Welsh, Carson, Anderson & Stowe is back on the market with its 13th fund targeting $3.75 billion, according to LP documents obtained by Buyouts. As with its previous fund, WCAS plans to use the fund to pursue investments in technology and healthcare companies. Fund XIII’s portfolio is expected to include around 15 or 20 companies, […]

Michigan, private equity, pension fund

Michigan commits $335 mln to new PE, VC funds

State of Michigan Retirement Systems committed $335 million to private equity and venture capital funds, according to a recent investment report. Michigan split $100 million across a pair of vehicles being raised by Axiom Asia Private Capital. The first $50 million allocation went to Axiom Asia V, a fund-of-funds targeting investments in Asia Pacific-focused private […]

American Investment Council, Drew Maloney, CFIUS, private equity, tax reform

New AIC chief views CFIUS, tax reform implementation as top policy priorities

Incoming American Investment Council President and CEO Drew Maloney expects the early days of his tenure to be marked by proposed changes to the Committee on Foreign Investment in the U.S. and the implementation of tax reform. Maloney most recently served as assistant secretary for legislative affairs at the Department of the Treasury. The AIC board, chaired […]

Donald Trump, Linda McMahon, Small Business Administration, SBIC, small business, private equity

RFE Investment Partners returns to market with new SBIC fund

RFE Investment Partners set a $300 million target for its ninth flagship fund fund, which the firm plans to structure as a small business investment company, according to documents from Connecticut Office of the State Treasurer. RFE Investment Partners IX has a $350 million hard cap. Connecticut Treasurer Denise Nappier, trustee of the state’s retirement […]

Calpers, private equity, pension fund

CalPERS board hears more detail on direct investment plan

California Public Employees’ Retirement System’s board expressed cautious optimism on the prospects of a new private equity investment model its staff introduced to the public last month. The plan, CalPERS Direct, would launch two new investment platforms managed by a separate investment team and overseen by an outside board. The first would invest in late-stage […]

Balance Point Capital, Connecticut Office of the State Treasurer, private equity, pension fund

Balance Point Capital plots transition of third partner amid Fund III fundraise

Balance Point Capital is targeting $300 million with a $400 million hard cap for its third flagship fund, as one of its three partners prepares to transition into an advisory role, documents from Connecticut Office of the State Treasurer show. At some point in the next two years, Lance Sauerteig plans to step down from his […]

State of Wisconsin Investment Board, pension fund, private equity, limited partners

Wisconsin seeks distressed debt, restructuring funds with multiples near historic peaks

State of Wisconsin Retirement Board is looking for opportunities to commit to restructuring or distressed-for-control funds, according to its June 12-13 meeting materials. The board, which manages the state public-pension fund’s $109 billion investment portfolio, noted that private equity purchase prices are hovering around historically high levels. Equity’s share of the average PE deal is also […]

JMI Equity, venture capital, private equity, software

JMI targets $1.1 bln for Fund IX

JMI Equity is targeting $1.1 billion for its latest flagship fund, according to SEC filings. At $1.1 billion, JMI Equity Fund IX will be only slightly larger than its predecessor, which closed on $1 billion in 2014. JMI, a software-focused firm founded in 1992, specializes in acquiring companies with proven business models and strong management teams, an LP Capital […]

JMI Equity, private equity, software, technology

JMI targets $1.1 bln for Fund IX

JMI Equity is targeting $1.1 billion for its latest flagship fund, according to SEC filings. At $1.1 billion, JMI Equity Fund IX will be only slightly larger than its predecessor, which closed on $1 billion in 2014. JMI, a software-focused firm founded in 1992, specializes in acquiring companies with proven business models and strong management […]

Apollo Global Management, private equity

Apollo’s hybrid fund to focus on structured equity, senior and sub credit

Apollo Global Management’s hybrid investment fund will likely dedicate around 80 percent of its capital to structured equity and senior or subordinated credit, documents from Teachers’ Retirement System of Louisiana show. Apollo Hybrid Value Fund also is able to invest in stressed or distressed debt, though those investments will likely be limited absent broad market volatility or dislocations, a […]

TPG, New Jersey State Investment Council, pension fund, private equity, Oregon Investment Council

TPG inks major commitment to $12 bln flagship fund, healthcare sidecar

TPG picked up major commitments for its new flagship fund and a healthcare sidecar fund. Oregon Investment Council approved a commitment of up to $500 million to the two funds at its June 6 meeting. Council documents peg TPG Partners VIII’s target at $12 billion, with the healthcare fund raising another $2.5 billion. Buyouts in […]

Arkansas Teacher Retirement System, aircraft, leasing, pension fund, private equity, WNG Capital,

Arkansas Teacher Retirement System bets on airplane financing

Arkansas Teacher Retirement System is making a foray into the aircraft-leasing business. The $14.6 billion retirement system committed $30 million through its private equity program to a new fund being raised by WNG Capital, Executive Director George Hopkins said in an email. The allocation was approved at the June 4 ATRS meeting. WNG is a […]

New York State Common Retirement Fund, pension fund, private equity, Thomas DiNapoli, venture capital, Siris Capital

NYS Common backs Siris IV for $200 mln

New York State Common Retirement Fund committed $200 million to Siris Capital’s latest flagship fund in April, a recent investment disclosure shows. Siris Partners IV will be capped at $3.5 billion, roughly double the $1.81 billion the firm raised with its third fund in 2015. Siris III, which is still relatively young, was netting a […]

private equity, Federal Reserve, hedge fund, venture capital

Proposed Volcker Rule changes largely leave PE regs untouched

Federal regulators are pursuing a plan to loosen some of the Volcker Rule’s constraints on proprietary trading, though they leave the treatment of private equity largely unchanged. The Federal Reserve’s board approved proposed changes to the rule, named for former Federal Reserve Chairman Paul Volcker, at its meeting last week. The Federal Deposit Insurance Corp, Office of the […]

Phil Guinand, Permira, private equity

Five Questions with Phil Guinand, Partner, Permira

Permira recently sold enterprise cloud software company Magento to Adobe for around $1.68 billion. That was a complicated deal. How did Permira take that company from start to finish? It was a unique product in that it had grown in a viral way. It was a phenomenon and it barely existed 10 years ago. The […]

SEC, investment, private equity, law

SEC hits 13 firms with enforcement actions for failure to file disclosures

The SEC censured 13 private investment firms for failing to file timely disclosures about their investment funds, strategies and portfolio companies. Each firm agreed to pay a $75,000 penalty without admitting or denying the SEC’s findings. “These advisers’ repeated reporting failures deprived the SEC of important information they were required by law to provide,” said […]

San Francisco Employees’ Retirement System, SFERS, BGH, SoftBank, private equity, pension fund

San Francisco Employees’ Retirement System backs BGH, SoftBank funds

San Francisco Employees’ Retirement System closed two new private equity and venture capital commitments in May, allocating $75 million across new funds from BGH Capital and SoftBank. The commitments were disclosed in an investment report presented at the system’s May 23 board meeting. The $24 billion retirement system committed $50 million to BGH’s debut fund, which recently held a […]