“We expect to commit less because managers have been slow to put money to work over the last couple of years,” Mansco Perry, CIO, told Buyouts, via a spokesperson. “As a result, we’re more inclined to be very deliberative regarding future commitments. We are extremely concerned about taking on additional risk that was not originally contemplated,” he added.
During its May board meeting, the $33.7 billion pension fund lowered its target allocation for private equity to 10 percent from 12 percent.
In fiscal-year 2009, which began on July 1, the pension fund pledged a total of almost $2 billion to 28 private equity funds. Private equity pledges made in 2009 include ones to
In May, the LP renewed its contract with Altius Associates, its private equity consultant since 2004. Duties will include helping the pension fund develop goals and strategies for the LP’s private equity program; sourcing deals with the pension fund’s staff; performing due diligence; and monitoring the portfolio. The firm will also help staff analyze private market opportunities in credit strategies.