CalPERS, CalSTRS, private equity, pension fund, Ted Eliopoulos, Christopher Ailman, University of California Board of Regents

CalPERS weighs bringing in UC Regents in creation of separate PE entity

California Public Employees’ Retirement System is considering partnering with other institutions like UC Board of Regents in its construction of separate entities to invest in private equity, a document obtained by Buyouts shows. The document, from the closed session of its Sept. 18 board meeting, sketches a number of ideas for creating separate PE investment entities. Among those […]

Francisco Partners, private equity

Francisco Partners fund could hit $4 bln

New South Carolina Retirement System Investment Commission documents detail the terms of Francisco Partners’ new flagship fund, which could raise as much as $4 billion. Buyouts previously reported the fund was capped at $3.75 billion, citing Nebraska Investment Council documents. It’s unclear whether the $4 billion cited in South Carolina’s report includes projected commitments from the fund’s general […]

University of Michigan, private equity, pension fund

University of Michigan commits $116 mln across four funds

University of Michigan disclosed four new fund commitments totaling more than $116 million in the materials for its latest board of regents meeting. The largest commitment went to a new fund at O’Brien-Staley Partners, which closed earlier this year on $600 million, according to University of Michigan investment documents. The firm’s newest credit fund will acquire “garage sale […]

Orchid Asia Group, China, private equity

Orchid Asia targets $900 mln for Chinese franchises

Orchid Asia Group is raising $900 million for its newest flagship private equity fund. Orchid Asia VII will likely hold a first and final close next month, Hamilton Lane wrote in a memo for Pennsylvania Public School Employees’ Retirement System. The $53.5 billion retirement system committed up to $75 million to the fund at its […]

Buyouts Executive Editor David Toll interviews Tully Friedman, co-founder of Hellman & Friedman and FFL Partners. Photo by Sam Sutton.

Tully Friedman: PE hitting market peak, trouble on horizon

Tully Friedman has seen this movie before. “I’ve operated through four or five of these cycles, and I don’t think it’s even a close call. We’re at a [market] peak,” said Friedman, who was accepting a lifetime achievement award at Buyouts PartnerConnect West event in Half Moon Bay. “You hear this time’s different — it […]

Hark Capital, Enhanced Capital, private equity, venture capital, loans

American Securities affiliate Ascribe sets $1.25 bln target for Fund IV

Ascribe Capital set a $1.25 billion target for investments in distressed middle market companies, according to documents obtained by Buyouts. Ascribe, an affiliate of American Securities, will use its fourth flagship fund to acquire stakes in the debt of 30 to 40 distressed companies, according to a Hamilton Lane report prepared for the Teachers’ Retirement […]

private equity

Q3: U.S. PE fundraising ramps up for possible post-crisis record

U.S. private equity firms are within shouting distance of the $196.7 billion they raised last year, setting the stage for a possible record annual fundraising haul for the post-global-financial-crisis era. Preliminary Buyouts data suggests PE firms had raised $174 billion through late September, with massive flagship funds raised by firms like Apollo Global Management, Clayton […]

First read

PAI Partners plans final close for 4 bln euro fund in early 2018

PAI Partners is targeting 4 billion euros ($4.69 billion) for its latest flagship private equity fund for investments in upper-mid-market European companies, according to an investor memo. The fund does not have a hard cap. The fund is slotted to hold a first close in December, with a final close scheduled for the first quarter […]

Los Angeles City Employees’ Retirement System, pension fund, private equity

LACERS prepares to launch new RFP for PE consultant

Los Angeles City Employees’ Retirement System is preparing to request proposals from outside firms for a new private equity consultant, three months after its previous RFP process collapsed in the middle of a board meeting. The board will vote on whether to launch the new RFP at its Oct. 10 board meeting, according to meeting […]

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

New Jersey bets on TPG, Stonepeak, Chatham for $525 mln

New Jersey Division of Investment will move forward with four private-market commitments totaling $525 million after the state’s investment council offered no objections at its Oct. 4 meeting, according to spokesman Willem Rijksen. The commitments remain subject to final negotiation of terms and conditions. The investment division, which oversees the state’s $75 billion public-pension system, […]

New Jersey State Investment Council, pension fund, private equity, Tom Byrne

Hedge fund Chatham targets up to $1 bln for distressed debt PE fund

Chatham Asset Management, a long-short hedge fund with roughly $3.2 billion under management, is raising as much as $1 billion for a private equity vehicle for debt-related investments,  a New Jersey Division of Investment memo shows. New Jersey’s State Investment Council is weighing a commitment of up to $200 million to the fund at its Oct. 4 […]

Carlyle Group, Regalwood Global Energy, SPAC, private equity, Marcel van Poecke, Brooke Coburn

Carlyle eyes $300 mln SPAC for international energy opportunities

Carlyle Group plans to raise $300 million through a new publicly traded vehicle for investments in international oil and gas assets, according to documents filed with the SEC. The special purpose acquisition company, Regalwood Global Energy Ltd, will target investment opportunities outside North America. The vehicle will list on the New York Stock Exchange under the […]

New York State Common Retirement Fund, pension fund, 57 Stars Fund, private equity, emerging markets, Poland

NYS Common expands emerging-market platform with 57 Stars fund

New York State Common Retirement Fund is expanding its exposure to emerging markets within European private equity with a new 57 Stars separate account. The firm, which specializes in emerging markets, already manages a $115 million captive fund-of-funds for New York’s $197.6 billion public retirement system. That vehicle, which was formed in 2009, includes commitments […]

Newbury Partners, private equity

Newbury heads for final close on $1.4 bln hard cap

Newbury Partners is close to wrapping its latest flagship fund on its $1.4 billion hard cap, with a final close slotted for later this fall, according to a source with knowledge of the fund. The firm on Oct. 2 filed a document with the SEC indicating Newbury Equity Partners IV had raised around $1.27 billion, which […]

Montana Board of Investments, private equity, pension fund

Montana to target small-market funds with future commitments

Montana Board of Investments will lay out its private equity investment strategy at its meeting later this week, according to a presentation released by the $11.1 billion public-pension system. As it has in previous years, Montana will be selective in its commitments to larger PE funds, which tend to pursue more expensive deals. Large-cap buyout strategies […]

Rhode Island State Investment Commission, private equity, pension fund

Rhode Island pencils in $265 mln of commitments per year through 2022

Rhode Island State Investment Commission plans to commit around $265 million annually to private equity over each of the next five years, an investment plan prepared by its consultant, Cliffwater, shows. The $8.17 billion state pension plan has 5.8 percent of its assets in private equity, a little more than half its 11.25 percent target […]

Donald Trump, tax, private equity, Congress, legislation

Tax reform raises big questions about interest deductibility

The framework for tax reform put forward on Sept. 27 by President Donald Trump and Republican congressional leaders would limit the deductibility of interest payments on corporate debt. The interest-payment deduction has been vital to the success of the LBO investment model, giving incentives to financial sponsors to use debt rather than equity to finance […]

Donald Trump, Stephen Schwarzman, Blackstone Group, private equity, Charlottesville

Trump tax framework targets interest deductibility

The framework of President Donald Trump’s plan for tax reform would eliminate at least some of the ability of companies to deduct interest payments, according to a copy obtained by Buyouts. The deductibility of interest is considered vital to the long-term health of private equity-backed companies, particularly those carrying significant loads of debt. “The deduction […]