Texas ERS considers changing PE performance benchmarkPosted: 03/12/2019 |
Subscription Required Employee Retirement System of Texas, like several other U.S. public systems, is considering changing the way it measures the performance of its private equity program, a recorded discussion from the system’s March meeting shows. The board wants to move from its current benchmark, MSCWI ACWI IMI plus 300 basis points, to Wilshire TUCS Peer Universe Benchmark. […] | | Read more... | |
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CalPERS seeks green light to set up captive PE fundsPosted: 03/12/2019 |
Subscription Required California Public Employees’ Retirement System will seek permission to proceed with the creation of two direct private equity funds, scheduling an initial vote on the concept for its March 18 investment committee meeting. The plan, discussed for nearly a year, would create a new CalPERS-controlled organization of two new funds with the pension system as […] | | Read more... | |
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LACERS clears path for higher commitments, secondary PE salesPosted: 03/11/2019 |
Subscription Required Los Angeles City Employees’ Retirement System approved an investment policy that raises the limits on commitment sizes, though the pension plans to “ease into” the higher commitments. The $17 billion retirement system at its Feb. 26 meeting approved three commitments totaling $95 million. The commitments were the first ones recommended by private equity consultant TorreyCove, which […] | | Read more... | |
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PA PSERS re-ups $150 mln to Searchlight’s latest flagshipPosted: 03/11/2019 |
Subscription Required Pennsylvania Public School Employees’ Retirement System at its March meeting committed more than $415 million in private equity, real estate and absolute return. PA PSERS committed $150 million to Searchlight Capital’s Fund III, which focuses on middle-market companies in communication services, IT, consumer discretionary and more in North America and Western Europe. Searchlight is targeting […] | | Read more... | |
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Illinois MRF kicks off search for investment consultant, commits to Clearlake, VersantPosted: 03/08/2019 |
Subscription Required Illinois Municipal Retirement Fund is searching for a general investing consultant to focus on its major asset classes. The fund disclosed the search at its February meeting, during which the pension board also said it committed $105 million to private equity funds. Candidates for the consulting contract have until March 26, 2019, to submit proposals. […] | | Read more... | |
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Michigan goes big: $1.5 bln to private markets in Q4Posted: 03/08/2019 |
Subscription Required State of Michigan Investment Board committed $1.5 billion to private-markets investments in Q4, including $300 million to TPG Sixth Street Partners’ credit fund for late-stage growth companies. The board, which manages $69.5 billion in retirement-fund assets, has an 18 percent allocation to PE and an 11.5 percent allocation to real return and opportunistic investments, which […] | | Read more... | |
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LACERA pledges $270 mln to tech, venturePosted: 03/07/2019 |
Subscription Required Los Angeles County Employees Retirement Association at its January meeting approved $270 million in commitments. The system also gave an update on a secondary sale of a chunk of its PE portfolio. LACERA voted to commit up to $100 million to LAV Biosciences Fund V, which focuses on venture, growth and public equity in the […] | | Read more... | |
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Ohio P&F to slow private equity pace this yearPosted: 03/05/2019 |
Subscription Required Ohio Police & Fire Pension Fund plans to deploy $120 million to private equity this year, a 25 percent decrease from its pace last year, the pension said at its January meeting. The commitments would help sustain the pension’s private market program at or near its 8 percent target allocation, which it has reached, according to […] | | Read more... | |
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Five Questions with Eric Albertson, senior director, secondaries, at AberdeenPosted: 03/04/2019 |
Subscription Required Eric Albertson is senior investment director in charge of secondaries at Aberdeen Standard Investments. He spoke with Buyouts about his firm’s approach to finding value in the secondary PE marketplace. Aberdeen tends to focus on the smaller end of the secondary market. What kinds of opportunities are you seeing? We will use secondaries sporadically throughout […] | | Read more... | |
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PA SERS pledges over $200 mln across three PE fundsPosted: 03/04/2019 |
Subscription Required Pennsylvania State Employees’ Retirement System at its February meeting committed $225 million to private equity funds targeting North American, European and Chinese markets. The system committed $75 million to the third fund of Primavera Capital Group, the Chinese investment firm focused on PE and cross-border investments. PA SERS committed $75 million to Providence Equity’s fourth strategic growth fund, […] | | Read more... | |
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