The $274.6bn pension plan has made 15 new allocations worth $4.6bn in September to alternative investments
CIO Jon Putnam favors private credit, private equity and real estate allocations
In less than two weeks of sacking the entire board, the government has named Stephen J. Harper as the new chair of the board.
The California-based pension plan aims to make $100bn of such investments by 2030
In these short video interviews with editor in chief Christine Giordano, top chief investment officers and investors discuss what they are investing in, how they are changing their funds, and what might indicate underlying weaknesses within the economy.
Amid turmoil in the pension plan, Aaron F. Hood has been named as the new executive director, and he starts today
Outperformance by co-investments allows the CIO to widen targets, alongside eyeing the first allocation to southeast Asia
The government will replace the board within 30 days, and has appointed Ray Gilmour, Alberta’s top public servant as interim CEO.
Great returns for the year make the pension plan confident of allocating to PE and hedge funds.
Over the previous five years, as a member of the investment committee, he played an instrumental role in the fund's growth from $4.2bn to $7.1bn.
Colorado CIO is vetting co-investment funds on the “large end of the market” to create beta within PE at lower fees.
Last week, our Private Equity San Francisco 2024 forum brought together over 400 private equity leaders from across the U.S. to explore the latest opportunities and challenges defining the future of private markets. From in-depth discussions on liquidity and secondaries to cutting-edge insights on AI’s role in transforming investment strategies, this was far from your typical PE gathering. It felt more like a deep dive into the strategies and innovations that will shape the industry for years to come.
The
CIO follows a disciplined rebalancing mechanism which is “a little bit contrarian.”
The
board will be presented with final recommendations at the December meeting
With the support of consultant
Meketa, the system has $40m within its PE left to allocate and $130m to its PC
sleeve for the year.
Our reporter Muskan Arora sat down with the
CIO Chad Jacobs to dive deeper into the private equity and venture capital
opportunities identified by the system. Over the years, he has had continued
focus in Asian private markets and considers partnering with GPs speaking the
native language of the region as essential.
The $523.5bn system reveals 2025
plans for its real estate, private equity and infrastructure plans, amid new
commitments.
As retiring baby boomers create more demand, Callan's David Smith dives deep into healthcare, one of the darlings of PE allocations in the current environment. He opens up about sub-sectors and sub-strategies which work well for the allocators and discusses how technology has driven healthcare to its full potential. Catch him talk about manager selection, PE investments and more.
The
pension plan makes changes with a hope to reach 100% funded status, highlights soft
strategy targets for private credit for its first allocation.
Last week, our Private Equity Europe London 2024 forum gathered over 300 private equity powerhouses from across the European region to dive deep into the opportunities—and obstacles—shaping the future of private equity. From heated discussions on navigating fundraising in choppy waters to tech-driven innovation reshaping the industry, this wasn’t your average PE event. It was more like a masterclass in the art of the deal.
Recent buyout commitments by Kansas
PERS yet again is a signal of bullishness of allocators towards buyout funds.
The
$44bn pension plan has made commitments to its RA, PC and PE sleeve across June
to August
The
$10.8bn system is looking for a consultant to build out its private markets
portfolio, especially private equity, private credit, real estate and infrastructure.
The system aims to choose a consultant by early 2025.
Michael
Graham will retire in early 2025
The
$54.2bn pension plan recently committed to its PE, PC and RA sleeves
The $52.4bn system has committed $250m to specialty finance opportunities, early-stage investments in private companies and other strategies focused on publicly listed companies.
The $113bn system has most recently made $575m commitment to its RA portfolio and $300m to its PE portfolio, as shown in the June meeting materials.
During this in-depth interview, the chief investment officer of Alaska's oil-rich Alaska Permanent Fund discusses his strategies for energy, choosing managers, investing in credit, infrastructure and private equity.
Check out all the photos captured at our 12th Private Equity New York Forum, where industry leaders and top investors gathered for a day of insightful discussions and networking. This education-focused event brought together allocators, asset managers, and executives to explore the latest trends and strategies in private equity, private debt, infrastructure, technology, and more.
Our 12th Private Equity New York Forum brought together over 900 industry leaders and professionals to shape the future of private equity investment.
"The world is not changing its behavior enough. I think that's going to be a risk, but then also an enormous investment opportunity because shifting away from hydrocarbon as a power source, as an energy source, is going to require a lot of capital, but it has to happen."
Sale Leaseback Survey in Partnership With W. P. Carey
Drawing from the feedback of prominent institutional
investors in Ohio, Markets Group has analyzed the diverse approaches that
contributed to their success in navigating the turbulent financial landscape of
2023.
Fengate Asset Management is delighted to declare Jennifer Pereira as the Managing Director and Group Head of Private Equity.
Akin is delighted to welcome James Munsell as a partner in its renowned investment management practice in the New York office.
AllianceBernstein L.P. ("AB"), a prominent global investment firm managing $696 billion in assets, has announced the appointment of Chris Hogbin, currently Head of Equities, to the newly created position of Global Head of Investments, effective January 1, 2024.
Juniper Square has appointed Kathie Jones as Chief Financial Officer (CFO). In her role, Kathie will enhance and oversee financial planning, financial systems, and controls to support Juniper Square's rapid growth.
Nikko Asset Management Co., Ltd. ("Nikko AM") has named Naomi Fink as Global Strategist, effective immediately. This appointment comes as John Vail, the current Chief Global Strategist, plans to retire on March 31, 2024.
Lazard Asset Management Welcomes Sean Gallagher as Global Head of Small Cap Equity platform.
“This, historically turns out to be the best time in the world to invest in companies.”
Drop in alternative holdings allows SBA to back five
funds, including one focused on digital assets.
System will look to launch co-investment program and
do more internationally.
Program’s private equity program reports a loss, leads to restatement of year-end numbers .
Effort to do more such deals is driven by a desire to
reduce costs by $300 million annually.
Expected shortfall in distributions and tough
secondary market may lead to reduced commitments.
Karen Frank’s plans after
two years in the role are not known.
Third
school in Research Triangle, Duke University, posts a 1.5% loss.
Ivan Manolov spent nearly 11 years at YMCA Fund.
System reducing pacing plans for two sectors – despite
strong gains from both.
Greg Ruiz joins Jasper Ridge Partners after helping ‘turn
around’ CalPERS’ PE program.
Sovereign
wealth fund backs three sector funds and also commits to infrastructure and
distressed lending funds.
Currently comprising 5.4% of the portfolio, it can be
expanded to 10% over the next 10 years.
Martin Longchamps is hired from PSP Investments,
replaces Martin Laguerre.
Abu Dhabi sovereign wealth fund commits half the
amount that Aliph Capital is seeking to raise.
System is looking to ramp up its activity in
infrastructure.
U-M reports a gain of 2.2%, making it the third Big 10
school to post a positive number for fiscal year.
Gaw Capital Partners has invested in a company with a
1.9GW renewable energy pipeline.
SFERS is enduring a tough 2022, thanks to steep
declines in public markets and fixed income portfolios.
CIO Ronald Schmitz also expects private equity returns
to be a bit stronger than hoped.
Neil Shah helped oversee private equity and real
assets at NU.
WSIB’s returns are currently second only to Oregon
Public Employees Retirement Fund.
Yale University is still the
only Ivy League school to generate a positive return.
Lightrock exceeds
target thanks to bringing in a global mix of institutional investors.
Poised to step down as CIO at the end of 2023 after 12
years, Hewsenian discusses career, including serving as a consultant to CalPERS
and being a special ed teacher.
CIO
Farouki Majeed sees benefits in switching away from hedge funds to private credit
and infrastructure.
Neumora Therapeutics is developing medicines to treat
brain diseases.
System commits to three credit funds, a real estate
fund and a private equity fund.
Online
giant sets up program to invest in venture funds backing entrepreneurs from
underrepresented backgrounds.
Allen Waldrop fills a role that has been open since
Steve Moseley’s departure.
Bulk of capital deployed into two private equity funds
and a real estate fund.
Brijesh Jeevarathnam is tapped to replace the retiring
Kelly Meldrum.
TCDRS has committed a third of the capital it deployed in the sector in 2021.
System approves new asset
allocation target that increases credit and public equity while lowering real
estate and interest-rate sensitive strategies.
Christopher Schelling starts 512 Alternatives after
recent stints with Venturi Private Wealth and Windmuehle Companies.
Study by KKR finds CIOs
are looking to increase exposure to illiquid investments but want ones
providing more upfront yields.
Tray.io is focused on solving the problems companies
face as they undergo rapid digital transformation.
SIC had backed prior funds from Intermediate Capital
Group and JMI.
School
currently has approximately 30% of its endowment invested in VC.
System is currently overallocated to sector.
System backs Two Ardian Funds and an Oak Street real
estate fund.
The $24.3 billion Louisiana system commits $425 million.
Michael
Nguyen will serve as director of investments at the $4.5 billion endowment.
But
SWIB’s private markets CIO said division will continue to work with consultants.
Institutional
investor sees value in company providing an array of home services.
System
in rare position to not only pursue fund stakes, but also do more co-investing.
Blue
Opal Capital, Abu Dhabi Investment Authority, Ahmed Al Mosa, Federico Jost,
Sebastien de Jong
New asset
allocation strategy ups target to private equity to 15%, doubles target for
private credit to 10%.
Plan also seeks to give leadership more authority to
approve fund investments, co-investments, and secondary transactions.
Oregon Public
Employees Retirement Fund, Maine Public Employee Retirement System and the New
Mexico Educational Retirement Board among those who benefitted from being overallocated
to PE.
System backs CoinFund Ventures among four commitments done
over the summer.
Pension
fund invests in two of the infrastructure firm’s funds; deploys $1B in total to
eight funds in July.
Helen
Rattee will work to ensure OPE’s portfolio is constructed to mitigate risks
while capitalizing on ESG opportunities.
Sovereign wealth fund invests €10 million in Ocean 14 Capital’s fund,
joining such other LPs as European Investment Fund and Niklas Zennström.
Jonas Nyquist leaves Saudi Aramco investment subsidiary to start own
firm.Jonas Nyquist leaves Saudi Aramco investment subsidiary to start own
firm.
System
is currently limited to 20% of its allocation in private equity, credit, hedge
funds and infrastructure.
System, though, remains active in the asset class,
deploying $5.1B in the first half of ’22.
With investment firms seeking to attract
trillions from smaller investors, large allocators could have co-investment
opportunities, fee cuts reduced.
System
is now searching for a CIO to replace Elizabeth Burton, who left at the end of
June.
System
posts listings for two new roles; individuals would report to Deputy CIO Scott
Chan.
‘Execution management’ firm Celonis now valued at $13B
after latest round.
Pension fund puts more than $100 million into four
such firms.
David
Lee will be replaced by colleague Chris Cassidy at end of September.
The Indo-Pacific Economic Framework (IPEF) was launched by President Biden on 23 May 2022. It includes Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam. Fiji joined the group soon after.
Akili
will use proceeds for its treatment for ADHD.
Respondents
see VC as most overvalued and are more wary of emerging markets.
Thoma Bravo, which has $114 billion in assets under
management, has until September 12 to announce whether it will make a firm
offer.
SBA
currently restricted from making new PE, VC, credit, hedge fund and
infrastructure commitments.
Sovereign
wealth fund has done at least three such deals in 2022.
Adam
White previously worked at Bakkt and Coinbase.
Michael
Nguyen had been with MBOI for five years.
Private
equity receives nearly half of the commitments.
Steve Willer tasked with bringing 10 funds into compliance with their
asset allocation targets.
Plan
board also commits more than $1.5 billion to fund and co-investment
opportunities.
Private equity firm exceeds target goal; will invest
in healthcare and technology.
Bogdan
“Bo” Cenanovic now a managing director with PSG.v
Canada’s largest pension plan was active in both backing funds
and in co-investments.
Pension
plan is in midst of implementing recent asset allocation changes.
Blackstone, KKR, TPG, Apollo, Ares, Brookfield, EQT and Carlyle have
more than $700 billion of dry powder.
Private
Equity, Real Estate, Secondaries, Jefferies, Wilshire Associates, Coller
Capital, Los Angeles County Employees Retirement Association, LACERA, New
Jersey Division of Investment, Washington State Investment Board
Kewsong
Lee leaves firm; William Conway to serve as interim CEO.
Jonathan
Popielarski leaving role as director of private assets; Justin Maistrow becomes
deputy CIO.
Survey
says they are showing less interest in growth equity, new managers and Asia.
System told to increase private equity, decrease
international equity.
Jared Speicher set to head North American buyout
investing for MetLife.
Potential
to reduce fees paid to PE managers and generate strong returns spurs
institutional investors to find ways to collaborate with firm managers.
SERS board had postponed committing to the funds in
June over diversity concerns.
$20
billion fund is expected to focus on private equity, real estate, and private credit,
according to job listing.
System
benefitted from being under-allocated to stocks.
School
– a big backer of venture capital – sees year-to-date gains through May.
Strong
returns from private markets cannot offset equity and fixed income losses.
Despite its modest origin, CAIA has expanded into a globally recognized designation, and alternatives are hardly alternative.
TRS has lost 21 people over past two years to outside
firms.
Pension plan also discloses that it took part in a
co-investment with a PE manager.
Plan’s board approves Bernhard Capital Partners, Hark
Capital and TPG funds.
Consumer-focused PE firm sees private credit as ‘natural
extension,’ mum on fundraising plans.
StepStone
Group expects industry to also have poor results over at least the next two
quarters.
wefox
sees valuation increase in newest round, on pace to do $600 million in 2022.
Scheider to take over for David
Layton, who also is Partners’ CEO.
Musicco says move enables pension plan to
‘capitalize on market opportunities.’
Simpson Thacher & Bartlett veteran has worked with
investment firm on transactions for several years.
Pension plan sees private
equity co-investing as key component but needs the right people to execute.
‘Ambitious’ plan involved changing private
equity, private credit, real assets and fixed income mix.
APFC
has invested in a series of funds raised by firm her father co-chairs, the
Carlyle Group.
Clarios
will try to push through tough public market.
Private markets giant invests in digital private
market exchange, adds head of digital assets.
Moseley
joins Wafra Inc. to launch co-investment initiative.
Search
begins for new leader for PE-focused LP group; Choi to serve as interim head.
Plans see, project big savings from bringing investment functions in-house.
Above
target, plan makes no new commitments in May, but does back private credit and
real assets funds.
Firm
taps more than 100 institutional investors to blow past hard cap.
Person tapped would replace
Andrew Junkin and take over plan that is set with PE in 2022.
Budde had been with firm since 2005; also worked at
ABRY Partners.
System also commits over $5 billion of capital to
managers.
He spent 14 years at the endowment after leading
private markets at Teacher Retirement System of Texas.
Power Sustainable two-thirds of the way toward closing the North
American-focused fund.
Growth and late-stage VC expected to take worse
hit – an event that may slow fundraising rush.
Survey
finds majority expect allocations to increase by between 5% and 10%.
SERS had been set to commit $125 million to Sentinel
Capital Partners.
Veteran CIO describes balance needed to work at a
public pension plan.
Canadian pension plan
sees asset under management grow significantly.
Pension fund also approves
commitments to three other funds.
University weighing to invest in 18 managers
discovered during process.
Limited partner concerns reported by Coller
Capital include reputation and new sources of capital.
System
backs Sentinel Capital Partners despite board concerns.
New plan would streamline process and enable
more capital to be deployed.
Pension
fund sees benefits of investing in Sequoia Capital’s new funds outweigh risks.
After a drop in 2021, capital raised but not committed
increases.
Canadian pension plan combines two units to back
companies poised for ‘transformational growth.’
Acrisure will use the capital to continue acquisition
momentum.
PERS Sees Value of Stocks Decline by Nearly $3 Billion
Between March and April.
Private equity firm will use $25 billion fund
to invest in an array of sectors and geographies.
Canadian pension fund poised
to invest in healthcare, vegetable deals.
State
investment commission also approves new fund commitments as CIO prepares to
leave.
Deal
may pave the way for other PE firms to buy teams.
Apollo will own a minority stake in life science VC firm.
It’s the third mandate since 2015.
Private equity fund of funds is the first for MIM.
TPG Founding Partner Jim Coulter is pleased with fundraising and deal success.
As
the denominator effect hits more institutions than usual, it may crimp investors
and make it more difficult for GPs to raise funds.
Its
first investment is all about monitoring carbon.
Fund will make direct investments across PE, private credit, infrastructure and real estate.
The pension fund is seeking to
select a firm by early June.
Doñé to oversee Platinum's strategic planning and investor capital development.
CEO Marc Rowan
explained the new business model during Milken Institute Global Conference.
Acrew's Gouw makes notable donation.
Blackstone
buying spree continues after PS Business Parks acquisition.
Plan could allocate more than $300M to asset class in 2022.
New target will help plan move toward endowment model.
Battery Ventures, New Mountain, Threshold and ArchiMed are among those backed.
KKR, AEW pen Singapore office sale in Tanjong Pagar.
Alternatives giant finds success in raising capital from array of investors.
VC and real estate targeted for hikes.
Change marks the second increase to sector in two years.
Makes move despite past criticisms of fees paid to managers.
PERF has allocated 27% of its fund to private equity and 25.2% to public equities.
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