Affinity Equity Partners has held an interim close of $1.4 billion for its latest Asian buyout fund, Affinity Asia Pacific Fund IV LP. The fundraising has been helped along by several investments by U.S. pension funds, notably the Washington State Investment Board, which committed $300 million at its most recent board meeting.
Neuberger Berman closed on its second co-investment fund, Neuberger Berman Strategic Co-Investment Partners Fund II LP, raising $1.1 billion, substantially more than the original target of $750 million.
Franklin Park, a private equity adviser spun out from Hamilton Lane in 2003, is offering its latest series of funds of funds to the firm’s advisory clients, according to a pair of filings with the U.S. Securities and Exchange Commission and one of those clients, the Arkansas Teachers’ Retirement System.
It was supposed to be the New New Thing in private equity. But separate accounts haven’t proliferated beyond a handful of big pensions. And a surprising amount of the money has gone into commingled funds on much the same terms as that of other big investors.
The $17 billion New Mexico State Investment Council announced it reached a settlement with Chicago-based Vanderbilt Capital Advisors that awarded the council more than $20 million of the money it lost due to bad investment decisions made in connection with New Mexico’s pay to play scandal. In a related settlement, the $10 billion New Mexico Educational Retirement Board was awarded $4.25 million from the firm.
Kohlberg Kravis Roberts & Co. has agreed to charge the Washington State Investment Board a super-low 1 percent annual management fee on the pension fund’s $250 million follow-on commitment to the firm’s flagship fund, KKR North American Fund XI LP, according to a source familiar with the terms. The buyout giant considers the rate a “volume discount,” our source said.
The Carlyle Group has moved to accelerate its expansion into private equity funds of funds and customized managed accounts by naming Jacques Chappuis as head of its solutions unit, which currently consists primarily of AlpInvest, the Amsterdam-based fund of funds manager in which Carlyle bought a majority stake in 2011.
The co-head of one of Europe’s biggest buyout firms called on the industry to “break the cycle of the merry-go-round of private equity firms buying assets off one another.”
1. First of all, congratulations on your new role as executive director at Adveq. What specifically will you be doing? My role will be to manage our U.S. turnaround and buyout investing. As a firm, we cover every segment of private equity globally, and tend to focus on specific segments within our targeted geographies. So […]
The giant Dutch pension manager Algemene Pensioen Groep, better known as APG, hired away Greg Jania from WP Global Partners, the Chicago-based funds-of-funds manager, to be its new head of fund investing and to help APG build out its in-house private equity capabilities following the sale of its stake in AlpInvest Partners, the prominent funds-of-funds manager. Jania had been with WP Global since 2005.
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