Sam Sutton
JMI Equity is targeting $1.1 billion for its latest flagship fund, according to SEC filings. At $1.1 billion, JMI Equity Fund IX will be only slightly larger than its predecessor, which closed on $1 billion in 2014. JMI, a software-focused firm founded in 1992, specializes in acquiring companies with proven business models and strong management teams, an LP Capital […]
San Francisco Employees’ Retirement System closed two new private equity and venture capital commitments in May, allocating $75 million across new funds from BGH Capital and SoftBank. The commitments were disclosed in an investment report presented at the system’s May 23 board meeting. The $24 billion retirement system committed $50 million to BGH’s debut fund, which recently held a […]
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 […]
Washington State Investment Board appears to be the first major public pension to back Sequoia Capital’s new $5 billion growth fund. The $128.8 billion retirement system committed up to $350 million to the vehicle at its meeting last week. This marks Washington’s first commitment to a Sequoia fund. The venture firm has eschewed most public […]
Private equity’s lobbying arm is directing its attention toward a new bill that could complicate PE deals led by firms backed with foreign cash. The proposed bill would expand the scope of the Committee on Foreign Investment in the United States review process to include non-controlling investments made by foreign entities. The committee, which includes nine […]
New York State Common Retirement Fund disclosed more than $1 billion of commitments to private equity and venture capital funds, including $400 million for new debt and credit-related strategies. The fund, overseen by State Comptroller Thomas DiNapoli, allocated $200 million each to new credit funds managed by GSO Capital Partners and Vista Equity Partners, a monthly investment disclosure shows. […]
California State Teachers’ Retirement System declined to release information about the fees and expenses charged by its older private fund managers, limiting insight into the myriad costs private equity firms impose on investors. A state law that took effect last year, AB 2833, requires general partners who raised fresh capital from organizations like CalSTRS or California Public […]
Florida State Board of Administration’s private equity portfolio netted more than $700 million for the state’s investment program in 2017. The board, which oversees $205 billion of state assets including the $162 billion retirement system, generated the bulk of its 2017 returns from its buyout, secondary-market and distressed holdings. Returns in its growth-capital and venture-capital […]
New York State Common Retirement Fund made the first two fund investments through its Israel-focused separate account with Hamilton Lane, an investment disclosure released this week shows. The separate account allocated $10 million each to NFX Capital Fund, a seed and early-stage fund, and Tene Growth IV, which invests in mature Israeli companies. The commitments closed in […]
University of Michigan’s $11.6 billion endowment took a $50 million stake in Roark Capital Group’s fast-growing restaurant platform. In June, University of Michigan committed $50 million to Roark Capital Partners II Sidecar Fund, which Axios reported was raising as much as $2 billion to acquire multiple restaurant companies to hold alongside Arby’s Restaurant Group. Roark acquired Arby’s from Wendy’s in 2011. “The […]