Apollo Global Management, private equity

LPs miss opportunity to fight back on fees

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 […]

private equity, pension funds, trustees

LACERS shuts the door on PE transparency

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 […]

private equity, regulation, SEC, Mary Jo White

Reckoning with Trump

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.

Andrew Ceresney, SEC, private equity, crime, pension funds,

SEC official says agency on the lookout for public-pension pay-to-play

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 […]

A researcher dressed in a panda costume puts a panda cub into a box before its physical examination at the Hetaoping Research and Conservation Center for the Giant Panda in Wolong National Nature Reserve, Sichuan province December 3, 2010. The 4-month old cub, the first in the centre to be trained for reintroduction into the wild, is monitored by hidden cameras. Researchers performing physical examinations on the cub wear panda costumes to ensure that the cub's environment is devoid of human influence, according to local media. Picture taken December 3, 2010. Picture taken December 3, 2010. REUTERS/Stringer (CHINA - Tags: ANIMALS SOCIETY IMAGES OF THE DAY) CHINA OUT. NO COMMERCIAL OR EDITORIAL SALES IN CHINA - RTXVG33

Exit, pursued by bearish Verus

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, venture capital, washington state investment board, josh lerner, harvard university

Pension boards could use a tutor. Here’s one that hired one.

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 […]

private equity, pension funds, trustees

CalPERS and the hassle of full transparency

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, pension funds, trustees

The LP piñata syndrome

Private equity investors want more. And like kids waiting for a piece of birthday cake, they don’t want to share.

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Buyouts Snapshot: Debt specialist Ares returns with fifth PE fund

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.