Black Diamond Capital Management

The $69bn state pension has sold stakes in funds run by GTCR, Apollo, Carlyle, Oaktree, TPG, Wayzata, Black Diamond Capital Management, Credit Suisse and THL as it works to shrink the size of its portfolio to make it more manageable.

The $8.8bn pension, which will commit about $225m to private equity this year, made commitments to Black Diamond Capital Management and Strategic Value Partners.

The Greenwich-based firm, currently investing its second distressed debt fund, has sold Bayou Steel to global steel giant ArcelorMittal.

Will the current crisis cut budding managers down before they raise Fund I? Probably not, fundraisers tell us. Plus: the future for GP-led secondaries, new hires for Verdane and Black Diamond, and much more. Here’s today's brief, for our valued subscribers only.

The Kentucky pension system said the jump in its investment expenses this fiscal year compared to last year was due to change in accounting methodology.

The former Blackstone exec joined Black Diamond in 2006

Z Capital’s second special situations fund includes a 2.5% cash commitment from the firm that specialises in the private equity-distressed sector.

The final, official demise of two alternative asset managers this week raises a number of important questions, but here's one especially occupying the minds of investors: how do you retain and reward the team charged with winding down a moribund manager's portfolio?

James Zenni-led Z Capital Partners has hired Irene Hong, former VP of investor relations at KPS Capital Partners, as a managing director in charge of marketing and corporate development.

The James Zenni-led firm is expected to hold a first close on roughly $200m for its second special situations fund by the end of next month.

As it works to raise $500m for its second special situations fund, Z Capital has brought on former New England Pension Consultants executive William Monagle.