Muller & Monroe raising second emerging manager fund for CalSTRSPosted: 11/06/2018 |
Subscription Required Muller & Monroe Asset Management’s new emerging manager fund for the California State Teachers’ Retirement System raised $251.25 million, according to a Form D. Muller & Monroe is part of CalSTRS’s emerging managers strategy. Other managers that work on the strategy are Bank of America’s Capital Access Funds Management (later acquired by HarbourVest Partners) and Invesco Capital Partners. CalSTRS committed $250 […] | | Read more... | |
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PE industry mourns death of LP pioneer Jay FewelPosted: 11/06/2018 |
Subscription Required John Bullock “Jay” Fewel, who led private equity for the Oregon state treasury for many years and was considered one of the pioneering limited partners, died on Oct. 13. He was 63. Fewel spent 25 years at the treasury, starting his career in 1989 and retiring in 2014. Fewel helped grow Oregon’s alternatives program, particularly […] | | Read more... | |
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Florida pension system makes big bet on newcomer Gallatin PointPosted: 11/05/2018 |
Subscription Required Gallatin Point Capital, formed by ex-BlackRock and Treasury officials, received a vote of confidence from one of the largest pension pools in the U.S. as the firm continues to raise money for financial-services investments. Florida State Board of Administration pledged $100 million to Gallatin Point, according to an activity summary from the pension system. This […] | | Read more... | |
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NYS Teachers’ pledged $700 mln to PE in Q3Posted: 11/05/2018 |
Subscription Required New York State Teachers’ Retirement System committed $700 million to four private equity funds in the third quarter. The retirement system, which manages $115 billion in assets, made its largest commitment of the quarter to Hellman & Friedman, committing up to $300 million to its Capital Partners IX fund. The Hellman & Friedman fund, which […] | | Read more... | |
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PA SERS cuts PE costs, but large PE portfolio causes concern, Novarca saysPosted: 11/05/2018 |
Subscription Required Pennsylvania State Employees’ Retirement System cut bigger checks to fewer managers to help reduce private equity fees as it worked to cut the costs of its investment program. But the pension system’s large private equity portfolio was a cause for concern, said Marcel Straub, founding partner and chief executive of Novarca North America. Straub spoke […] | | Read more... | |
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With new consultant in place, LACERS aims to reshape PE portfolioPosted: 11/02/2018 |
Subscription Required Los Angeles City Employees Retirement System approved a 2019 strategic plan recommended by its new consultant, aiming to significantly speed up pacing, rethink limits on commitment sizes and consider secondary sales as it reshapes its portfolio. The $17 billion retirement system over the summer hired TorreyCove Capital Partners as its PE consultant, after selecting NEPC as its […] | | Read more... | |
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University of California plans to boost PE pace to ~$2 bln a yearPosted: 11/01/2018 |
Subscription Required University of California is ramping its private equity pace as the asset class generated returns in excess of 20 percent for fiscal 2018. The $4.4 billion private equity portfolio, spread across UC’s pension and endowment funds, has changed significantly in the past few years, according to investment subcommittee meeting documents dated Nov. 14, 2017. UC intended to increase […] | | Read more... | |
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Harvard endowment’s PE generates highest returns for 2018 on lower allocationPosted: 10/31/2018 |
Subscription Required Harvard University endowment’s private equity portfolio returned 21 percent, the highest among all asset classes for the fiscal year ended June 30, 2018. Harvard’s endowment returned 10 percent for fiscal 2018, up from 8.1 percent the year earlier. “Asset allocation — or risk level — was the dominant factor in the overall returns,” Nirmal Narvekar, chief executive of Harvard Management Co, wrote in an […] | | Read more... | |
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Capital Constellation backs Motive Partners in third deal of yearPosted: 10/30/2018 |
Subscription Required Institutional-investor-backed Capital Constellation on Monday announced a strategic partnership with Motive Partners, which invests in financial-services-focused technology businesses. This is the third 2018 investment for Capital Constellation, a collaboration of Alaska Permanent Fund, RMPI Railpen, the U.K.’s largest pension fund, and investment adviser Wafra on behalf of Public Institution for Social Security of Kuwait, the national retirement […] | | Read more... | |
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Japan Investment Corp: $2 bln fund targets U.S. biotech, drug discoveryPosted: 10/29/2018 |
Subscription Required Japan Investment Corp, the new state-backed fund, set up a $2 billion fund, JIC-US, to invest in biotech and drug-discovery startups. California-based JIC-US will use a venture capital fund to invest in seed and early-stage companies as a GP or LP, according to a news release. It will also consider joint investments. JIC-US will make use of a […] | | Read more... | |
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