Sam Sutton
Los Angeles County Employees Retirement Association is preparing to sell a portion of its $5.1 billion private equity program on the secondary market. LACERA’s Board of Investments approved a plan at its Jan. 10 meeting to request proposals from experienced secondary market advisors to lead the sale of “portfolios comprised of dozens of distinct limited […]
New Mexico State Investment Council is moving its private equity program into the hands of 30 or fewer core managers, according to spokesman Charles Wollmann. New Mexico’s $2 billion PE program currently includes 52 funds, managed by 23 general partners, deemed “core” to the sovereign-wealth fund’s long-term investment plans moving forward, a presentation from the council’s Jan. 9 […]
New York State Common Retirement Fund secured commitments to three new private equity funds in September and October. The fund, whose sole trustee is State Comptroller Thomas DiNapoli, on Oct. 11 committed $250 million to Insight Venture Partners’ 10th flagship fund, according to public investment disclosures released by the $192.4 billion pension system. Fund X will invest in revenue-generating […]
Public pensions are lobbying House and Senate leaders to halt a proposed change to the tax code that could make their private equity investments more expensive. Both the House and Senate in recent weeks approved bills to slash the corporate tax rate while eliminating certain deductions. One of the revenue-raising proposals the House approved would require public pensions to pay […]
New Mexico State Investment Council approved a pair of commitments to private markets funds at its Nov. 28 meeting, spokesman Charles Wollmann told Buyouts, a sister publication to VCJ. The larger of the two commitments, for up to $75 million, went to Kohlberg Kravis Roberts’s new American real estate fund. KKR set a $1.5 billion target for the vehicle, which […]
California Public Employees’ Retirement System is moving forward with plans to bring on an outside firm to manage its $25.9 billion private equity program, according to internal documents obtained by Buyouts Insider, publisher of VCJ. CalPERS is searching for a firm to monitor and select its future PE investments, Nov. 13 staff presentation materials seen by Buyouts Insider […]
Teachers’ Retirement System of the State of Illinois formed a new $600 million strategic partnership with Greenspring Associates, a firm based in Owings Mills, Maryland, and Palo Alto, California, spokesman David Urbanek said. Greenspring, which already manages roughly $5.2 billion of committed capital, invests in VC funds and secondary transactions, in addition to taking direct stakes in venture-backed companies. The […]
Orange County Employees’ Retirement System plans to invest in more direct private equity funds, rather than through fund-of-fund vehicles, according to an investment presentation obtained by Buyouts Insider (publisher of VCJ). For the past decade, Orange County’s $14.5 billion system relied largely on funds-of-funds to build out its PE program, a report by Meketa Investment […]
Los Angeles County Employees Retirement Association’s private equity program last year cost 71 percent more than what the $52.5 billion retirement association previously reported, an external consultant report obtained by Buyouts Insider (publisher of VCJ) shows. The Aug. 9 report, prepared for LACERA by Pavilion Alternatives Group, found PE management fees, partnership expenses and “other fees and […]
New Mexico State Investment Council backed a 2018 fiscal year investment plan calling for roughly $600 million of new commitments to private equity, spokesman Charles Wollmann told Buyouts Insider (publisher of VCJ) in an email. The $22 billion sovereign-wealth fund plans to concentrate its typical commitment size, and reduce the number of funds to which it commits, […]