Paine Schwartz Partners, private equity, pension fund, Rhode Island State Investment Commission

Paine Schwartz raising $1.2 bln fund for food, agribusiness

Paine Schwartz Partners is targeting $1.2 billion for its fifth fund, which will invest in food and agribusiness companies, a fund presentation delivered to Rhode Island State Investment Commission shows. Paine Schwartz, formerly Paine & Partners, evolved into a food-and-agribusiness specialist over its previous three funds, according to the presentation. Roughly a third of the capital […]

North Carolina, private equity, pension fund

North Carolina gets back into PE investing with Landmark commitments

North Carolina’s Department of the State Treasurer inked its first private equity commitment under Dale Folwell, whose 2016 election campaign attacked the steep investment fees the state’s pension funds pay to alternative-asset managers. At a May 17 Investment Advisory Committee meeting, the Treasurer’s investment management disclosed a $1.25 billion commitment to a series of funds […]

New Jersey State Investment Council, Tom Byrne, private equity, pension fund, Vista Equity Partners
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Outgoing New Jersey SIC Chairman Tom Byrne defends PE in final meeting

Tom Byrne used his final meeting as chairman of the New Jersey State Investment Council to defend the state pension fund’s investments in high-cost, high-returning private equity funds targeted by Gov. Phil Murphy during last year’s gubernatorial campaign. “I don’t think we can do better without imprudently increasing the risk of the fund,” Byrne said during the May […]

Astra Capital Management, private equity
560 Views

Alaska Permanent Fund nets 60 pct-plus from co-investments, directs

Alaska Permanent Fund Corp’s four-year-old program for investing directly in private companies is netting returns of more than 60 percent. This return surpasses the performance of its traditional private equity program by more than 50 percentage points. The Permanent Fund’s direct investments and co-investments were netting a 64 percent internal rate of return and 2.4x […]

Permira, private equity, Magento Commerce, eBay, Adobe Systems, Hillhouse Capital
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Permira to make more than 5x on sale of Magento Commerce

Permira is poised to make more than 5x its money on the $1.68 billion sale of Magento Commerce to Adobe, a source with knowledge of the deal said. Hillhouse Capital, which invested $250 million in Magento last year, will also sell its stake to Adobe. The deal, announced May 21, is expected to close in […]

Montana Board of Investments, pension fund, private equity
109 Views

Montana shifts PE focus to Asia, direct lending strategies

Montana Board of Investments is planning to boost its allocations to direct lending and Asia-focused funds, bolstering a private equity portfolio dominated by North American buyouts strategies. More than 80 percent of Montana’s $1.2 billion PE program was invested in North-America-centric funds as of March 31, an investment report included in its upcoming meeting materials […]

private equity, pension fund, University of Michigan
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University of Michigan re-ups $125 mln to PE, VC funds

University of Michigan committed more than $125 million to private equity and venture funds in December, an investment disclosure from the endowment’s Board of Regents shows. The commitments were re-ups or follow-on investments for the endowment. The largest commitment, $50 million, went to Kayne Anderson Energy Fund VIII, a $2 billion fund for growth-equity investments in middle-market […]

private equity, pension fund, University of Michigan
127 Views

University of Michigan re-ups $125 mln to PE, VC funds

University of Michigan committed more than $125 million to private equity and venture funds in December, an investment disclosure from the endowment’s Board of Regents shows. The commitments were re-ups or follow-on investments for the endowment. The largest commitment, $50 million, went to Kayne Anderson Energy Fund VIII, a $2 billion fund for growth-equity investments in […]

Calpers, private equity, pension fund
577 Views

Some on CalPERS board raise questions about new investment model

California Public Employees’ Retirement System’s unveiled a new private equity platform that will bypass expensive funds, potentially securing investments in high-performing private companies at a lower cost. But first CIO Ted Eliopoulos and staff have to convince the board that it will work. Three members of the system’s board of administration said there are major […]

Hands are silhouetted against a backdrop projected with the picture of various currencies of money in this illustration taken April 4, 2016. REUTERS/Kacper Pempel/Illustration TPX IMAGES OF THE DAY
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Levine Leichtman passes $2 bln for Fund VI

Levine Leichtman Capital Partners passed the $2 billion threshold on its latest flagship fund fund, according to several May 15 SEC filings. The firm is targeting $2.2 billion for Fund VI, the filings show. The amount that’s been committed to Fund VI so far includes commitments from the firm’s general partnership group, according to the […]

SFERS, San Francisco Employees’ Retirement System, Cambridge Associates, pension fund, private equity
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San Francisco may invest as much as $4.5 bln in private credit over next six years

San Francisco Employees’ Retirement System is preparing to make a major push into private credit. The $22.4 billion retirement system could deploy between $700 million and $750 million annually to private credit funds over the next five to six years, according to an investment plan prepared for the retirement system’s May 16 investment committee meeting. […]

San Diego City Employees' Retirement System, private equity, pension fund, GCM Grosvenor, StepStone Group
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San Diego City co-investment portfolio nets 25.8 pct

San Diego City Employees’ Retirement System’s separate account with GCM Grosvenor deployed a little less than a third of its committed capital for private equity into co-investments, netting the retirement system a 25.8 percent internal rate of return, a report prepared for the system shows. The $194.8 million co-investment portfolio’s projected to return a 1.61 […]

CalPERS, private equity, pension fund, Ted Eliopoulos
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CalPERS CIO Ted Eliopoulos to step down at year-end

California Public Employees’ Retirement System Chief Investment Officer Ted Eliopoulos will step down from the $356 billion system at year’s end. In a statement, Eliopoulos said he wanted to relocate to New York to be closer to his family. He plans to assist CalPERS as it transitions to a new CIO. “With two daughters in […]

LACERA, CalPERS, CalSTRS, Meketa Investment, private equity, pension fund
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Meketa, consultant to CalPERS and CalSTRS, projects lower returns for PE

Meketa Investment Group expects private equity’s returns to fall below its historic average over the next decade, a recent presentation to Los Angeles County Employees Retirement Association shows. Meketa, which advises California Public Employees’ Retirement System and California State Teachers’ Retirement System on their $15 billion-plus PE programs, projects private equity to return 8.8 percent over the […]

TPG, New Jersey State Investment Council, pension fund, private equity, Teachers’ Retirement System of Louisiana
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TPG Real Estate realizes $2.6 bln in less than 18 months

TPG’s private real estate arm realized more than $2.6 billion of proceeds through seven of its investments since the start of 2017, a fund presentation obtained by Buyouts shows. TPG Real Estate Partners, a $3.7 billion investment platform led by Kelvin Davis and Avi Banyasz, was grossing a 27 percent internal rate of return and 2.6x […]

A musician walks in the French Quarter as Hurricane Nate approaches the U.S. Gulf Coast in New Orleans, Louisiana, U.S. October 7, 2017. REUTERS/Jonathan Bachman     TPX IMAGES OF THE DAY - RC140612D7D0
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Louisiana Teachers’ commits $75 mln each to TPG, Oaktree funds

Teachers’ Retirement System of Louisiana last week committed up to $150 million across two funds, allocating $75 million to vehicles managed by Oaktree Capital Management and TPG’s real estate arm. The $20 billion system backed Oaktree’s latest special-situations fund, which is raising as much as $1.75 billion for control investments in mid-market companies, Buyouts reported late […]

Deerpath Capital Management, Philadelphia Board of Pensions & Retirement, private equity, pension fund
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Deerpath targets $500 mln-plus for senior secured loan fund

Deerpath Capital Management expects to raise more than $500 million for a private debt fund that will be used to invest in the capital structures of private equity-backed companies. The fund raised $243.8 million as of March 22, according to Philadelphia Board of Pensions & Retirement CIO Christopher DiFusco. Philadelphia’s retirement system committed $25 million […]

Woman exercising on a staircase outside in the  city. Photo courtesy of Todor Tsvetkov/E+/Getty Images
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Amid rising prices and larger funds, CalSTRS commits almost $7 bln to PE funds in 2017

California State Teachers’ Retirement System committed almost $7 billion to private equity funds marked as 2017 vintages, doubling the annual amounts it allocated to funds raised between 2014 and 2016. CalSTRS, whose $17.9 billion PE program is among the largest in the country, ratcheted up its exposure even as private equity firms pay increasingly high prices […]