“The maximum amount that can be committed in 2008 is $800 million,” says Karl Koch, CIO of the state pension fund. Koch stresses that Pathway is not required to commit $800 million in 2008. How much actually gets committed will depend on the quality of deals and Pathway’s discretion, he says.
Koch estimates that about $300 million has been committed so far this year, which includes recent commitments, totaling $180 million, to a pan-European buyout fund, two North American buyout vehicles and a distressed debt fund,
In other news, Iowa PERS in June issued a request for proposal as it seeks a new general consultant. Its contract with Wilshire Associates expires in September. —Nancy Gordon
Philly goes for Levine Leichtman buyout fund
The $5.2 billion
The city pension fund’s target range for alternative investments is 6% to 11 percent. Commitments from the city fund tend to run between $15 million and $30 million.
Levine Leichtman Capital Partners IV is a $1 billion-target structured equity fund, with a hard cap of $1.5 billion. In June, it reached a first close of $425 million.
Levine Leichtman has also raised commitments from the
Alaska backs infrastructure funds
Infrastructure funds have found a supporter from The Last Frontier state, as the board of the $39 billion
The Permanent Fund committed $500 million to Goldman Sachs Infrastructure Partners II fund and $250 million to Alinda Infrastructure Fund II. The state pension fund, whose target allocation to private equity is 6%, has now committed $1.6 billion to the asset class. With $700 million of that drawn down, the investor remains well beneath its $2.3 billion goal.
In other news, Richard Shafer, CIO of the Permanent Fund, plans to retire this month at the end of August. As of July 3, about 15 applications had been received for the position. The salary range is $200,000 to $300,000, although the board has agreed to be flexible to avoid turning off prospective candidates, according to recent board meeting minutes. —Nancy Gordon