New Jersey State Investment Council Chairman Tom Byrne asked a simple, important question at the council’s Jan. 25 meeting. The state’s Division of Investment had just informed the council that TSG Consumer Partners would be increasing the annual management fee on two investment funds that held final closes in 2015, a move that could cost […]
Los Angeles City Employees’ Retirement System, one of the standouts among public pensions on private equity transparency for the public, has taken a major step backward. LACERS typically notifies its board and the public of new PE commitments in its meeting materials, which include information about management fees and carried interest that the system expects […]
Donald Trump’s election conjured up a memory of something that took place a few years ago, at a meeting my colleagues and I took with a private equity firm.
Private equity executives made political contributions to unabashed liberals, pragmatic Democrats, Republican centrists and Tea Party favorites during the 2015-2016 election cycle. But even among that diverse coterie, the industry showed no love for Donald Trump.
SEC Director Andrew Ceresney has pay-to-play in mind — and has put public pensions on notice that the agency is watching. The SEC is stepping up its coordination with the FBI and U.S. Attorney’s Office as it looks into pay-to-play schemes involving public pensions, Ceresney said at the Securities Enforcement Forum in Washington last week. “Our […]
Verus recently signaled its bearishness on U.S. buyout funds, citing high prices, reduced use of leverage and the likelihood of diminished returns. The investment adviser’s report, which it delivered to Fresno County Employees’ Retirement Association earlier this month, lays out the case for why newly christened U.S. buyout funds are unlikely to match the returns […]
Private equity is complicated. General partners know it, as do the investment staffers tasked with shepherding fund commitments through pension investment meetings. Retirement system trustees, on the other hand, may not have as sophisticated an understanding of the asset class. This knowledge gap can lead to misunderstandings, confusion and — if the fight over California’s […]
CalPERS took several critical and groundbreaking steps to be more transparent in its disclosure of private equity data over the last several years. But this recent step was in the wrong direction.
Private equity investors want more. And like kids waiting for a piece of birthday cake, they don’t want to share.
Public pensions are earmarking larger and larger amounts of capital for private equity, effectively placing more chips on a high-priced market bearing some uncomfortable similarities to the pre-crisis deal environment.
Ares Management is back in the market with its first flagship private equity fund since its May 2014 initial public offering. The $88 billion asset management firm set a $6.5 billion target for Ares Corporate Opportunities Fund V, a $1.8 billion increase over the $4.7 billion it raised through its previous fund in 2012.
The San Francisco Employees’ Retirement System’s private equity portfolio netted a 17.77 percent return for the fiscal year ending on June 30, surpassing its benchmark by 5 percentage points, according to an annual investment report released on October 14.
The Institutional Limited Partners Association’s new template for reporting private equity funds’ fees and expenses itemizes a wide range of costs and details the amount of carried interest general partners collect and accrue, according to a draft of the template seen by Buyouts.
Searchlight Capital Partners expects to hold a final close on its $1.8 billion hard cap later this fall for its second fund, according to a public LP document.
Some Bush backers are looking for another candidate after he put forth a tax plan that would eliminate the deduction for interest payments and hike the rate on carried interest.
Oak Hill Capital Partners waited six years before it returned to market with its fourth flagship fund, and a lot can change in six years.
Google Ventures, Kleiner Perkins Caufield & Byers and Icon Ventures invest $17 million in San Francisco-based Zephyr Health, which provides big data services for pharmaceutical and medical device companies.