San Jose pension, aiming to leverage access, plans early-stage venture investmentsPosted: 09/11/2018 |
Subscription Required The $3.7 billion San Jose Police and Fire Pension Plan, hoping to leverage its access to data about new and promising companies in its backyard, is exploring a new venture-capital strategy that would make very-early-stage investments in Silicon Valley startups. The system has brought on Stanford Professor Ashby Monk to help it design a program […] | | Read more... | |
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Canadian pension CDPQ shops $1.7 bln PE portfolioPosted: 09/11/2018 |
Subscription Required Caisse de Depot et placement du Quebec is selling a portfolio of private equity fund stakes valued at about $1.7 billion, sources told Buyouts. Greenhill Cogent is adviser on the transaction, sources said. The offering is relatively fresh on the market, sources said. Caisse did not respond to requests for comment, and a spokesman for […] | | Read more... | |
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Rising deal prices could erode performance of smaller funds: studyPosted: 09/11/2018 |
Subscription Required In the frothy environment, even small-to-midsized deals are more expensive, potentially hurting the expected outperformance of smaller funds. That’s the upshot of a Hamilton Lane paper, “What’s Top of Mind For Today’s LP,” by Mike Koenig, chief client officer. Small and midsized funds have been strong performers, the study said. But such funds transacted at higher […] | | Read more... | |
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Orange Co. adds GP to its PE portfolio, builds direct PE investmentsPosted: 09/10/2018 |
Subscription Required Orange County Employees Retirement System committed $50 million to GGV Capital, bringing its total PE commitments to $200 million year to date. The $15.9 billion pension system committed $40 million to GGV’s seventh fund, which is targeting $800 million with a hard cap of $1.36 billion. It also committed $10 million to GGV’s VII-plus fund, targeting $200 million […] | | Read more... | |
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SEC censures VSS over misleading valuation in secondary dealPosted: 09/10/2018 |
Subscription Required Jeffrey Stevenson, head of Veronis Suhler Stevenson, and the firm settled with the SEC over lack of disclosure of rising valuations on assets he purchased in a secondary transaction out of one of the firm’s older funds. Stevenson and VSS failed to inform selling LPs that the value of the fund in which they were considering […] | | Read more... | |
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San Bernardino County rains $35 mln on Waterfall’s debut PE fundPosted: 09/07/2018 |
Subscription Required San Bernardino County Employees’ Retirement Association committed $35 million to Waterfall Asset Management’s debut private equity fund that will invest in middle-market financial services companies. It is unclear how much Waterfall’s debut Sentinel Fund is targeting. Waterfall, with $7 billion in assets, built its expertise in structured credit and loan products. Waterfall hired Gene Weil […] | | Read more... | |
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Dot Family Holdings makes first e-commerce investment, has appetite for morePosted: 09/06/2018 |
Subscription Required Dot Family Holdings recently moved into e-commerce by acquiring TAGG Logistics, an e-commerce-fulfillment platform. In addition, the family office is exploring other e-commerce and traditional distribution investments to reach new geographies and industry verticals in North America, said Heath Hunter, vice president of corporate development. It may also consider partnerships with like-minded family offices, Hunter said. […] | | Read more... | |
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NYS Common plans sharp staffing increasePosted: 09/06/2018 |
Subscription Required New York State Common Retirement Fund is researching professional search firms, gearing up for an “aggressive” increase in investment staff, including an effort to hire a permanent chief investment officer. The $207.4 billion retirement fund issued a request for information Aug. 24. While it isn’t looking to hire a search firm right away, and doesn’t […] | | Read more... | |
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Smaller LPs get worse co-investment deals: studyPosted: 09/04/2018 |
Subscription Required Limited partners’ appetite for private equity allocations has led to an increase in non-traditional “outside the box” alternative vehicles. But smaller or poor-performing LPs pursuing discounts or co-investment opportunities may have to settle for lower returns. That is the upshot of “Investing Outside the Box: Evidence from Alternative Vehicles in Private Capital,” a recent Harvard […] | | Read more... | |
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Texas ERS approves $1 bln in 2019 PE pacingPosted: 09/04/2018 |
Subscription Required Employees Retirement System of Texas approved its 2019 private equity tactical plan, earmarking $1 billion in planned commitments for the coming year and $5.6 billion in commitments over the next five years. The $27.5 billion system has a 13 percent target allocation to PE, and it reached a 13.3 percent allocation as of June 30, after committing […] | | Read more... | |
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