The
The pension fund, which has roughly $33 billion in assets under management, raised its target allocation to private equity to 15 percent from 5 percent, funding the increase from its public equity program. The LP has no set pace for reaching the target, although it will take a number of years, Dean Kenderdine, executive director, told Buyouts. As of Sept. 30, the actual private equity allocation was 2.1 percent.
Meantime, the LP recently pledged a total of $235 million to three private equity firms. Commitments went to mid-market buyout shop
Brazos Private Equity Partners closed Brazos Equity Fund III with more than $700 million to buy small to medium-size family-controlled businesses in the southwestern United States, well above an initial target of $600 million. Dover Street VII LP, a HarbourVest Partners global secondaries vehicle, has reportedly surpassed its $2 billion fundraising target, according to sister Web site peHUB, but has not set a final closing date. The funds-of-funds manager buys holdings in existing private equity funds in small to middle-market partnerships in the United States, Europe, Latin America, Asia and emerging private equity markets.
TPG Partners VI is targeting $15 billion to make buyout and growth capital investments in the United States, Europe and Asia in large companies in the business and financial services, media, pharmaceutical and biopharmaceutical industries. Most of the investments will be for turnarounds of underperforming companies. TPG Capital will commit at least $500 million of its own money to the vehicle. Backers for the latest fund include the
Maryland’s program allows for primary commitments, fund-of-funds investments and other kinds of investments recommended by