News and Analysis

Rick Hayes, an advocate for public limited partners, on Tuesday tendered his resignation as head of private equity investments for CalPERS to become a managing partner at Oak Hill Capital Management. Hayes could not be reached for comment Thursday, but a spokesman for CalPERS, the nation’s largest pension fund, confirmed that Hayes had resigned as senior […]

Up to one-fourth of the California State Teachers’ Retirement System’s $1.5 billion private equity portfolio could move abroad, according to a new alternative investment plans adopted by the pension fund last Wednesday. More than half of that allocation will go to international buyout funds and the rest will go to venture capital and debt-related investments. […]

Pushing forward on plans to increase the size of its private equity portfolio by $1.35 billion over the next five years, the California Public Employees’ Retirement System (CalPERS) last month made $250 million worth of new commitments to two investment funds. CalPERS invested $125 million in Silver Lake Partners II, a fund managed by Silver […]

Its private equity portfolio was up nearly 19% in 2003. But the California State Teachers’ Retirement System (CalSTRS) is slowly adjusting its investment strategy, as it moves out of international private equity, distressed debt and mezzanine funds and pours a larger percentage of its capital into venture and expansion-stage equity. A semi-annual performance report prepared […]

Private equity’s expansion outside of North America has been brisk. The European markets were quick to catch on in the early 1990s, and more recently the Asian markets have stepped up their private equity investment pace. To capitalize on the rising tide that is now gripping the region, Hamilton Lane has opened up a new […]

The California State Teachers’ Retirement System (CalSTRS) has begun to explore private equity investment in regions where it has never gone before-Asia, Eastern Europe and Latin America. If the pension fund adopts a plan that was proposed by consultants McKinsey & Co., its $5.2 billion private equity program could span the globe. The nation’s third […]

Hamilton Lane Advisors sold 40% of the company to outside investors last month, with an eye toward future industry consolidation. Hartley Rogers, former co-head of Credit Suisse First Boston’s U.S. private equity department, led the purchasing syndicate and will become Hamilton Lane’s new vice chairman. The Bala Cynwyd, Pa.-based gatekeeper began entertaining investment offers in […]

The Los Angeles County Employees Retirement Association (LACERA) will up its private equity investments by $600 million, almost tripling its investments in the asset class, according to a new plan adopted by the pension fund’s investment committee last week. LACERA currently has $370 million, or 5.2% of its assets, in alternative investments, a class that […]

Responding to concerns from union members that it was investing in companies that privatize their public sector jobs, the California Public Employees’ Retirement System’s (CalPERS’) investment committee will consider a policy that would restrict its ability to invest with private equity funds that finance those privatizers. After a brief discussion in mid-November in San Diego, […]

Private equity firm HarbourVest Partners has sealed the long-rumored deal with UBS for a significant share of its private equity portfolio. The deal nets HarbourVest 52 limited partner interests in both venture capital and buyout funds. The commitments that UBS made in the portfolio total $1.3 billion. UBS started an auction process for the deal […]