Iowa Public Employees’ Retirement System, pension fund, private equity, Pathway Capital Management

Iowa commits $373 mln through June

Iowa Public Employees’ Retirement System in the first half committed a little less than half the $800 million it planned to commit to private equity in 2017, according to documents Buyouts obtained through an open-records request. Iowa had committed $373 million across seven fund commitments and five co-investments through June, according to a Pathway Capital Management […]

LP ILPA
635 Views

ILPA releases new guidelines on capital call facilities

The Institutional Limited Partners Association thinks private equity firms should be more up front in describing how and when they use lines of credit secured against their funds to buy new companies, a practice that’s grown increasingly prevalent among new funds in recent years. The trade association, which represents more than 400 PE investors, released a […]

New Mountain Capital, Pennsylvania PSERS, pension fund, private equity
315 Views

New Mountain pays below average prices for Fund IV portfolio companies

New Mountain Capital paid below-average prices on new assets through its assets, a fact limited partners will likely view favorably as the firm raises its fifth flagship buyout fund targeting $5 billion with a $5.85 billion hard cap. With its fourth fund, a $4.13 billion 2013 vintage, New Mountain paid sellers a little more than 9x its […]

Calpers, private equity, pension fund, Wylie Tollette, Margaret Brown,State Sen. John Moorlach, State Sen. Mike Morrell
207 Views

Memo: CalPERS says it adhered to accounting standards in shifting PE expenses

California Public Employees’ Retirement System reaffirmed that it followed government accounting standards when it shifted private equity-related expenses off its audited annual report, disputing assertions made by Board Member JJ Jelincic, according to memos obtained by Buyouts. CalPERS staff and its external auditor, Macias Gini & O’Connell, said expenses for auditing and legal services, as well […]

Carlyle Group, private equity, initial public offering, IPO
419 Views

Carlyle Group closes IPO for its $1.4 bln BDC

Carlyle Group closed its initial public offering of its business-development company on Monday, making TCG BDC one of the largest such companies traded on Nasdaq, a news release from the exchange said. Carlyle launched its BDC in 2012 and the vehicle was approaching the end of its initial investment period, Managing Director and Partner Michael Hart told […]

Preqin, private equity, Christopher Elvin
393 Views

Back to School: PE firms raising larger funds, faster in 2017

Massive reinvestment in private equity has sped the average amount of time it takes firms to raise new funds. The average fund closes after a year on the market, year-to-date, according to Preqin. The pace of fundraising picked up from last year, when general partners took an average of 17 months to raise a new […]

Oaktree Capital, Illinois Municipal Retirement Fund, pension fund, private equity, infrastructure, energy
551 Views

Oaktree to split new infrastructure fund into vehicles for transportation, energy

Oaktree Capital Management will split its new infrastructure fund into two sector-specific vehicles for investments in the transportation and energy sectors. Oaktree Transportation and Energy Infrastructure Fund, which the firm had been marketing as a single vehicle since 2015, is targeting $3 billion with a $4 billion hard cap, according to documents obtained from Illinois […]

CalPERS
187 Views

CalPERS pledges $500 mln to Silver Lake, to co-invest alongside Fund V

California Public Employees’ Retirement System inked a $500 million commitment to Silver Lake in April, marking its first private equity commitment of 2017, according to materials released in advance of its June 19 meeting. CalPERS also secured the ability to co-invest “previously elected” amounts alongside Silver Lake Partners IV and Silver Lake Partners V, according […]

Hamilton Lane, private equity,
298 Views

Hamilton Lane closes new credit fund on $435 mln

Hamilton Lane closed its annual credit fund on $435 million, surpassing its target by $185 million, or 74 percent. Hamilton Lane Strategic Opportunities Fund 2017 will invest in credit assets that deliver regular cash yields, the firm said in a statement. The new fund is more than double the $210 million Hamilton Lane raised through […]

State of Michigan Retirement Systems, private equity, pension fund
304 Views

Michigan in ‘planning stages’ of PE-portfolio consolidation

State of Michigan Retirement Systems is in “the planning stages” of consolidating its private equity portfolio to gain scale and boost performance, the $64.2 billion pension system disclosed in a quarterly investment report. “Although very early in the planning stages, the consolidation effort is intended to concentrate the portfolio in fewer managers to gain economies […]

Hamilton Lane, private equity, IPO, Erik Hirsch, earnings
285 Views

Hamilton Lane eyes SWFs, retail as potential LPs in first earnings call

Hamilton Lane is tracking sovereign-wealth funds, high-net-worth individuals and “inevitably” retail investors as areas in which it could pick up new advisory or separate-account clients moving forward, the firm said in its first official earnings call on Monday. Expanding the firm’s LP base comes on top of robust re-ups from its existing investors, according to […]

San Mateo, pension fund, private equity, Great Hill Partners, Abry Partners

San Mateo backs Great Hill VI, ABRY in Q1

San Mateo County Employees’ Retirement Association in the first quarter inked a pair of commitments to private equity, including a $20 million allocation to Great Hill Partners’ sixth flagship fund. The commitments were disclosed in the $3.7 billion pension system’s June meeting materials. Great Hill held a final close on $1.5 billion for Fund VI in […]

Minnesota State Board of Investment, Asia Alternatives, private equity, pension fund
196 Views

Asia Alternatives to make anchor bets on new managers

Asia Alternatives returned to market with a new flagship fund-of-funds targeting $1.3 billion, part of which will be used to back new managers, Minnesota State Board of Investment documents show. The fund, which received a $100 million commitment from Minnesota in May, will invest in new funds being raised by managers in China, Japan, South […]

Teacher Retirement System of Texas, pension fund, private equity
295 Views

Texas Teachers’ PE commitment seen up 11 pct in ’17

Teacher Retirement System of Texas expects to commit around $4.2 billion to private equity in 2017, an 11 percent increase from what it allocated to private funds and other PE-related investments in 2016, board documents show. The $125.3 billion retirement system committed $3.8 billion to PE last year, including $507 million across a variety of direct, […]

Avenue Capital, private equity, Minnesota State Board of Investment, pension fund
436 Views

Avenue sets $1 bln target for second energy distressed-debt fund

Avenue Capital Group is marketing a second energy-focused distressed-debt fund just two years after raising its debut vehicle for the strategy. Avenue Energy Opportunities Fund II is targeting $1 billion for investments in North American energy and utility businesses, Minnesota State Board of Investment documents show. Avenue’s first energy-opportunities fund, which pursued a similar strategy, was […]

KKR, private equity, Minnesota State Board of Investment, pension fund
659 Views

KKR seeks $2 bln for middle-market lending

Kohlberg Kravis Roberts & Co set a $2 billion target for its newest direct-lending fund, almost a 50 percent increase from the $1.34 billion it raised for its previous direct-lending vehicle in mid-2015. KKR Lending Partners III will provide loans to middle-market companies, typically those with $25 million or more in EBITDA, Minnesota State Board […]

Ventura County, California, HarbourVest Partners, pension fund, private equity
390 Views

HarbourVest set to close $1.5 bln co-invest fund in June

HarbourVest Partners is set to close its latest co-investment fund on its $1.5 billion hard cap in late June, a fund presentation released by Ventura County Employees’ Retirement Association shows. Ventura County approved a $30 million commitment to HarbourVest Co-Investment Fund IV, subject to final negotiations of terms and conditions, CIO Dan Gallagher said. Fund IV […]

Calpers, private equity, pension fund,
1119 Views

CalPERS omits millions in PE expenses from annual report

California Public Employees’ Retirement System left more than $120 million of private equity fees and expenses off of its annual financial report by claiming those costs were not related to investments. The fees and expenses, which were excluded from its 2015-2016 annual report, include $75 million in legal and auditing expenses for investment funds in CalPERS’s […]