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Thoughts on Today’s Buyout-Pension Powwow

A group of LBO bigs and pension fund chiefs today are meeting somewhere in New York City, to discuss the contentious issue of fund terms. The GP side will be repped by folks like David Rubenstein (Carlyle), Glenn Hutchins (Silver Lake), Jim Coulter (TPG) and Chip Kaye (Warburg Pincus). The LP side will be repped by Joe Dear (CalPERS), John Breen (Canada Pension Plan) and Ahmed Gubash (Abu Dhabi Investment Authority).

Two quick thoughts, and then more via video:

(1) A select group of GPs and LPs are going to secretly gather to discuss industry-wide fund terms, in order to preclude claims of collusion. Just let that sink in.

(2) CalPERS and ADIA have stakes in Carlyle, while CalPERS also has a stake in Silver Lake. Not just LP interests, mind you, but actual pieces of the management companies. What side of the table will Dear and Gubash be sitting on?