Steven Costabile, global head of the private funds group, does not yet know how much the firm will commit to private equity funds this year, though he’ll have a better idea in 30 to 45 days, he told Buyouts at an early January media event. “We’re lining up and ready to go,” he said.
Subsectors of interest include debt strategies and small to mid-market buyout funds that take minority stakes in companies. The PineBridge funds-of-funds group oversees commitments to about 300 vehicles. Looking ahead, the PineBridge Investments team has “lots of ideas” about achieving improved economics, better governance, more understandable clawbacks, and better aligned fees, Costabile said.
PineBridge Investments hopes to finalize its separation from AIG by the end of February, said CEO Win Neuger. As of Sept. 2009, PineBridge Investments had $88.7 billion of assets under management, with about one-third of that in alternative investments, most of which is private equity. It has more than 900 employees working in 32 countries.