News and Analysis

The $265 billion California Public Employees’ Retirement System, the largest pension in the United States, approved its largest private equity commitment so far in 2013, pledging $547 million to The Carlyle Group’s newest flagship fund, Carlyle Partners VI LP, according to board meeting materials made public by CalPERS. A CalPERS spokesman declined to comment further.

Pension: California Public Employees’ Retirement System Total Assets: $265 billion (Aug. 15, 2013) PE Assets: $31.4 billion (June 30, 2013) PE Allocation / Target: 12% / 14% (June 30, 2013) Chief Investment Officer: Joe Dear The $265 billion California Public Employees’ Retirement System, the largest pension in the United States, approved its largest private equity […]

Incline Equity Partners topped its target by more than $50 million in the middle-market firm’s first fundraising since spinning out of PNC Financial Services Group Inc in 2011. The Pittsburgh firm closed Incline Equity Partners III LP in August with $301.1 million in commitments.

Silver Lake Sumeru, the mid-market arm of technology specialist Silver Lake, agreed to pay about $220 million for a majority stake in financial software specialist BlackLine Systems Inc in a transaction that taps dwindling capital from the firm’s 2007 debut fund, according to people familiar with the deal.

A first-time survey by law firm Goodwin Procter LLP of 66 growth equity transactions between 2008 and the first half of 2012 revealed a larger portion of the total deal value available for clawbacks for investors compared to traditional buyouts, if a dispute arises.

Apollo Global Management LLC has drawn $8.4 billion in commitments towards a $12 billion target for Apollo Investment Fund VIII LP, making the flagship fund the top money-raiser among U.S.-based sponsors tracked by Buyouts so far in 2013.

Onex Corp, the publicly traded Canadian buyouts investor, is downsizing slightly for its latest vehicle.

A lot of money has poured into emerging manager portfolios over the last decade.

The nation’s publicly traded private equity firms generally posted strong growth in earnings and fee-earning assets in the second quarter, boosted by markups in their portfolio assets and by strong exits from some holdings.