Marine Cole
Luca Salvato, a partner who was at Coller for 16 years, plans to leave the secondaries firm shortly and take the rest of the summer off to consider his next move.
The Singapore-based investor, which saw the value of its portfolio fall in the past year, plans to open the new outpost in late 2016.
The global firm purchased the company from Gryphon Investors in 2012 for $500 million.
Despite the UK’s vote to leave the EU, the public pension plan decided to approve the commitment to bolster its exposure to European private equity.
The firm exceeded its $3bn target and committed 5% to the fund.
Tjarko Hektor, who worked on North American secondaries at Carlyle’s fund of funds until last year, has launched New 2nd Capital, focusing on GP-centred transactions.
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As LPs are consolidating their PE investments, competition is increasing and the investing environment has become particularly challenging for mid-sized LPs.
Despite challenges posed by high valuations, transparency and cost, the California pension plan remains committed to its 10% interim target allocation to private equity.
Following in the footsteps of other California pension plans, the Los Angeles City Employees’ Retirement System is rejecting a bill mandating private equity fee reporting - Assembly Bill 2833 - in its current form.
The Department of Justice has charged seven individuals including Hugh Dunkerley, who bought Paris-based fund of funds Fondinvest last year, with defrauding investors and a Native American tribe.