Insight

Competition between asset classes is heating up as investors increase allocations to private equity, eroding market share away from hedge funds, according to Ernst & Young’s 2019 Global Alternative Fund Survey. Investors said 25 percent of their assets under management (AUM) are allocated to private equity this year, up from 18 percent in 2018, according […]

A committee of Los Angeles County Employees Retirement Association’s Board of Investments approved staff-recommended changes to the $58.8 billion fund’s secondary and co-investment programs, aimed at giving LACERA more options in the private markets. Staff recommended doubling the amount Chief Investment Officer Jonathan Grabel can spend on secondary purchases without board approval from $100 million […]

The nuclear option in Senator Elizabeth Warren’s proposed rules to strictly regulate the private equity industry is to hold individual PE partners liable in company bankruptcies. Warren, who introduced her bill earlier this year, attacks various fundamentals of the industry, including the tax treatment of carried interest, the ability of PE managers to write off […]

Cortec Group this month held the first and final close of its seventh mid-market fund, securing nearly $2.1 billion, Buyouts has learned. Cortec Group Fund VII, launched in August, reached its $1.9 billion target and $2 billion hard cap after less than four months of fundraising, Managing Partner Dave Schnadig said. A commitment of about […]

Large private equity firms will likely be interested in Russell Investments, but PE isn’t a shoo-in to win the Seattle asset manager. TA Associates and Reverence Capital Partners have put Russell up for sale after three years, sources said. Goldman Sachs is advising on the process, the Financial Times said. It’s unclear how much TA […]

Clearlake Capital Group is poised to raise $7 billion for its next flagship fund that only hit the market this fall, three sources told Buyouts. Clearlake Capital Partners VI launched targeting $5 billion with a $7 billion hard cap, according to one of the sources. Fund VI is set to hold a first close in […]

Stephane Etroy stepped down as executive vice president and head of international private equity at Caisse de dépôt et placement du Québec, a role he held for more than two years. Etroy will be replaced by Charles Émond, who joined Montreal-based CDPQ in February from Scotiabank to work as an executive vice-president. In a statement, CDPQ […]

California Public Employees’ Retirement System staff is considering hiking the pace of its private equity commitments in coming years, according to a report presented to the pension’s investment committee on Monday, and is considering several options for how to do that. Staff committed $6.7 billion to 17 funds and one separate managed account in FY19, […]

Only two years into its investment, Kohlberg & Co is evaluating the sale of SpecialtyCare, an outsourced provider of intraoperative neuromonitoring and other operating room services, according to four sources. The sales process is being conducted by Harris Williams, two of the people said. The auction is well underway, with bids from private equity firms […]

New Mexico Educational Retirement Board at its November meeting backed a fund from AE Industrial Partners and a co-investment vehicle from Cloverlay, the system’s Chief Investment Officer, Bob Jacksha, told Buyouts in an email. The system committed $150 million to AE Industrial Aerospace Aggregator fund, which focuses on manufacturing, industrials, business services and transportation in the aerospace industry. […]