FountainVest

The $147bn pension manager is making sure its direct investments have the ‘right management and covenant-lite financing facilities’, as it anticipates the next downturn, says Ontario Teachers’ director of funds.

The Australian SWF has lowered its expected return range by 0.5% for the next 10 years, as it says investors have been ‘squeezed up the risk curve’.

Andrew Huang, a veteran dealmaker at Goldman Sachs, has joined the Hong Kong-based firm as managing director.

The revised investment mandate follows a federal decision to delay withdrawals from the fund for at least 10 years.

The Australian sovereign wealth fund’s private equity exposure increased by another $1bn in 2016.

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The Beijing-based firm started fundraising in March with a target of $500 million for the media-focused fund.

At the China Everbright Investor Conference, FountainVest Partners chief executive Frank Tang highlighted potential deals in healthcare and advanced manufacturing.