Gregg Gethard
'Insight’s performance has been challenged,' said board member and state Treasurer Stacy Garrity. The manager’s failed investment in FTX was also a concern.
The manager has also increased the number of portfolio companies it intends to target, along with investment sizes.
The amount Insight is seeking is roughly in line with the amount closed on its predecessor in 2022.
“It’s not the Who’s Who of private equity. It’s the ‘Who’s That?’ of private equity,” said the co-founder of small fund of funds Taurus Private Markets.
The system ranks as one of the largest allocators by percentage to PE, even after it sold a portion of its portfolio last year.
Consultant NEPC expresses some concerns about the manager’s GP-led secondaries and lower-mid-market strategies.
Dana Johns previously served as a senior portfolio manager on Maryland’s private equity team.
How managers navigated the past three years provides “an opportunity for investors to separate the top private equity firms more easily from the rest of the pack,” according to the system.
The long-awaited decision reflects the concerns of CIO Marcus Frampton about an overvalued PE market.
The manager looks to capitalize on shifts in asset management and related technologies.
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