News and Analysis

CalPERS sent out ILPA reporting template in January Seeks portfolio company-level fee info GPs adjust to the template California Public Employees’ Retirement System has been asking its private equity managers for detailed portfolio-company-level fee information, according to three people with knowledge of the system. The system, like other large public pensions, in January started sending its […]

Foundry Group closed the gap, but Avalon Ventures continued to outperform the Boulder, Colorado, venture firm in California Public Employees’ Retirement System’s California Emerging Ventures portfolio, according to a recent report on investment returns. The Foundry and Avalon funds are two of 20 vintage 2007 to 2009 investments in the largely solid portfolio. Well more than half […]

Calpers was among bidders in toll road’s 2014 bankruptcy Size of deal unclear Pension established new real-assets investment plan in April California Public Employees’ Retirement System’s real-assets division purchased a 10 percent stake in an Indiana toll road from IFM Investors. The investment marks Calpers’s first direct investment in a U.S. transportation asset, the pension […]

Deal would be one of largest in 2016 Seller is Starr Investment Holdings Maurice Greenberg’s Starr bought company in 2014 Hellman & Friedman is in advanced talks to buy MultiPlan Inc for $7.5 billion, including debt, after a two-year hold by Starr Investment Holdings LLC, according to a report by The Wall Street Journal. Starr is the […]

Dental chain backed by Welsh, Carson, Anderson & Stowe Moody’s: Outlook stable based on ’solid’ sponsor support Company’s debt-to-Ebitda multiple above 10x Although Welsh, Carson, Anderson & Stowe recently infused $30 million of equity into its platform company Smile Brands Group Inc, the operator of 330 dental offices in 17 states may not meet its loan […]

Ranks as largest-ever infrastructure fund Surpasses $8.3 bln predecessor Firm has at least one top quartile fund Global Infrastructure Partners quietly broke its own record for the largest infrastructure fund ever raised with $10.8 billion in commitments for its third pool, according to filings. The New York and London-based private equity firm headed up by […]

$186 bln pension commits 35 pct more to PE in 2015 Total commitments approach $4 bln Blackstone, Coller among large commitments California State Teachers’ Retirement System committed more than $3.9 billion to private equity funds and co-investments in 2015, more than 35 percent above the total it allocated to the asset class in 2014. CalStrs’ rapid deployment […]

Audit found appearance of overpayment of fees So far, system found no instances of overpayment New team to assess validity, accuracy of capital calls Kentucky Retirement Systems wasn’t double-checking the capital calls it paid to fund managers and, for a little while, it appeared as though the deeply underfunded pension system overpaid investment fees on 15 […]

Total includes $200 mln co-investment separate account Thoma Bravo, Berkshire Partners among re-ups $142.4 bln pension forms new relationship with Tiger Iron Capital Florida Retirement System committed more than $750 million to private equity and venture capital in the first quarter, including a $200 million co-investment account managed by Lexington Partners, Communications Manager John Kuczwanski said in an email. […]

Torsella calls for placement agent ban in Pennsylvania Voit says, ‘I won’t use them’ Pension official warns of harm to pension fund A ban on placement agents working with Pennsylvania’s two public pension funds could be in store. A candidate for state treasurer called for a ban on third-party marketers like placement agents from interacting with […]