Firms & Funds

The Florida State Board of Administration committed $975 million to alternative investments in the first quarter, including $625 million to private equity, according to a summary provided by the retirement system.

$625 million of SBA’s $975 million is for buyouts Energy Capital, Ardian, Lexington get allocations Also hedge, real estate, credit commitments The Florida State Board of Administration committed $975 million to alternative investments in the first quarter, including $625 million to private equity, according to a summary provided by the retirement system. Florida SBA, which manages […]

The New York State Teachers’ Retirement System will tell you that its private equity portfolio has generated a net IRR of 11.1 percent through the end of June 2013. But don’t ask for the details. The pension fund believes that the returns of individual funds are trade secrets.

Highly skilled private equity firms outperform others by seven to eight percentage points per year, but it is not easy teasing out how much of that outperformance derives from skill and how much from dumb luck.

Evergreen Pacific Partners II LP, the 2008 vintage fund from Seattle-based Evergreen Pacific Partners, turned in an IRR of 33.5 percent as of Dec. 31, 2012, according to performance data from Washington State Investment Board. Tim Bernardez co-founded the firm in 2003 with Thomas McGill and Michael Nibarger.

Hitting the market with a fresh new fund for investments in private equity secondaries is a tricky prospect today because of sky-high prices. The trick is to pick your deals carefully, said Michael Granoff, chief executive officer of secondary firm Pomona Capital.

Target: Gates Corp Price: $5.4 billion Sponsor: The Blackstone Group Sellers: Onex Corp, Canada Pension Plan Investment Board Financial Advisers: Target: Goldman Sachs Group, Bank of America Merrill Lynch, Citigroup; Sponsor: Morgan Stanley, Barclays, XMS Capital, Deutsche Bank Legal Counsel: Target: Latham & Watkins LLP; Sponsor: Simpson Thacher & Bartlett LLP Canadian private equity firm Onex […]

David C. Turner, who seven years ago started a private equity portfolio for the Guardian Life Insurance Company of America and led its growth to more than $1 billion, is stepping down effective May 30. Turner will hand the reins to Managing Director Maurice Gordon. (See video interview of Maurice Gordon from June 2014 here.)

The Massachusetts Pension Reserves Investment Management board has committed up to $150 million to Thoma Bravo’s 11th fund, which has been targeting $2.5 billion.