LP Radar – February 2015

See the latest private equity LP updates, including allocation changes and people moves.

27 February

Los Angeles County Employees Retirement Association has committed up to $75 million to GGV Capital Select which is targeting $450 million.

Chicago Teachers' Pension Fund has named Charles A. Burbridge as executive director effective March 16. Currently the chief financial officer for the Atlanta Public Schools, he will take over Peter A. Driscoll, who had been filling in as the $10.8 billion pension fund's interim executive director,

 

26 February

Shin Kong Life Insurance revealed that in 2015 it plans to invest in four private funds targeting matured markets with a preference for debt funds. 

50 percent of the Bowdoin College’s portfolio is comprised of venture capital funds, with the remaining half allocated to buyout and distressed/ turnaround funds. It has appetite to invest in strategies targeting North America and Western Europe over the next 12 months. Managers it has backed in the past include Berkshire Partners, Madison Dearborn Partners, and TA Associates.

At yesterday's investment meeting, Rhode Island State Commission of Investment approved a $15 million commitment to Industry Ventures Partnership Holdings III. 

At its January board meeting, the Pennsylvania Public School Employees' Retiement System committed $485 million to 4 private equity funds. Individual commitments include $150 million to Sciens Aviation Special Opportunities Investment Fund III, $150 million to Cabot Industrial Core Fund, $100 million to HGGC Fund II, and €75 million to Equistone Partners Europe Fund V.

 

25 February

Beijing ZhongGuanCun VC Development revealed that it did not make any commitments in 2014 and it will continue to look for investments mainly in Beijing for 2015.

Documents for today's meeting for Montana Board of Investments reveal that the investment committee approved a $20 million commitment to American Securities Partners VII. 

New York State Common Retirement Fund  has named Anastasia Titarchuk as deputy chief investment officer. Previously the director of absolute-return strategies, she will report to the pension fund's CIO Vicki Fuller. 

 

24 February

Raytheon Pension Fund has named Sanjay Chawla as vice president. Chawla will take on some of the duties of Richard Goglia who will retire as vice president and treasurer, effective March 31. 

The Los Angeles City Employees' Retirement System committed $200 million to the Carlyle Equity Opportunity Fund II and $50 million to Storm Ventures Fund V.

At tomorrow’s investment committee meeting, Arizona Public Safety Personnel Retirement System will discuss a potential private equity commitment. The meeting materials disclose a potential investment of up to $40 million to Vivo Capital Fund VIII. 

 

23 February

Teachers' Retirement System of the State of Illinois has committed up to $75 million to RRJ Capital Master Fund III, $30 million to Carlyle Japan Partners III and up to $50 million each to  Institutional Venture Partners XV and New Enterprise Associates XV. 

Last monthFrederik Wijsenbeek left his position as director at Teachers' Private Capital, the private equity investment arm of the Ontario Teachers' Pension Plan, to take a position as executive director at Morgan Stanley Global Private Equity.

 

19 February

The chief investment officer at the City of Milwaukee Retirement System revealed to PEI that at its February investment meeting, it is considering to commit $25 million to Abbott Capital’s AP2015 Private Equity Fund of Funds vehicle and $40 million to Mesirow Financial’s MPF VII Private Equity Fund of Fund’s vehicle, subject to successful legal review.

At its February investment committee meeting, the Public Employees Retirement Association of New Mexico  approved a $65 million commitment to the Athyrium Opportunities Fund II.

 

18  February 

Shanghai Pudong Science and Technology Investment revealed that it will continue to invest in biotech/life science, clean tech/renewable, manufacturing, TMT as well as healthcare and will consider to co-operate with other GPs to launch and manage new private equity funds.

DuPont Capital Management  revealed that it would be reducing its private equity investment pacing due to an increasing amount of dry powder in the market. The firm will now seek out six to eight investments a year going into the future with commitments around $30 million each.

In a conversation with the investment accountant, Cheshire Pension Fund is over allocated in private equity at 5.5 percent. The pension fund is not looking to make private equity investments currently unless an opportunity presents itself.

 

 17 February 

Lancashire County Pension Fund has set up a separate management team in advance of potential London Pensions Fund Authority partnership. George Graham becomes director of the pension fund and Mike Jensen retains his role as chief investment officer.

The Texas County and District Retirement System committed to its first private equity fund for the year. The pension fund committed £25 million to Exponent Private Equity Partners III. 

The Alaska Retirement Management Board committed $50 million to the NGP Natural Resources XI fund and $30 million to the Glendon Capital Management I fund.

 

16 February 

Hana Financial Group has promoted Kim Byoung-ho as the new president of Hana Bank. Kim was the deputy president and he will start his two-year term from Tuesday. 

In a conversation with Julie Forsythe, director of CBS Corporation Pension Fund, the institution no longer has an appetite for investing into alternatives, including private equity. As of February 2015 the allocation to alternatives is 1.33% which consists of commitments to the latest funds of Trilantic Capital Partners.

 

13 February

Khazanah Nasional has hired Patrick Lau as Investment Director to source investments and help develop Sabah and Sarawak. Lau was managing director and head of mergers and acquisitions at China Construction Bank International.

At its February meeting, the Oregon State Treasury revealed that it committed $150 million to KSL Capital Partners IV, $50 million to OCM Opportunities Fund X-A, $150 million to OCM Opportunities Fund-B, and $200 million each to Rhone Partners V and TPG Growth III.

 

12 February

 University of Kentucky has appointed Todd Shupp a newly created position, chief investment officer. Shupp was previously a manager research consultant at RVK.

At its February meeting, the San Francisco Employees' Retirement System had approved new asset allocations. The new allocations call for an increase in private equity from 16 percent to 18 percent and a boost to real assets from 12 percent to 17 percent.

The University of Chicago Medical Centre stated that it will be targeting North America focused buyout and venture capital funds over the next 12 months.

The Rochester Institute of Technology  endowment revealed to PEI that its investment appetite for private equity continues to focus on buyout and venture capital strategies with a preference for North America. It will also look into secondaries funds as well.

 

11 February 

New Jersey Division of Investment committed up to $150 million each to TPG Growth III and JLL Partners Fund VII.

 

10 February

Bank of Korea has named Lee Dong-Min as the chief investment officer. Lee will replace Eugene Kim in early March and previously was the head of investment strategy at Samsung Life Insurance.

Martin Kelly, the Director of Investments for the New York University endowment, has stepped down from his position to take a similar role at the Boston Children's Hospital.

NAXS Nordic Access Buyout Fund AB revealed to PEI that it will commit between 1 to 3 private equity funds this year with a commitment size between €5 million and €50 million. It will continue investing specifically into Nordic buyout, with no sector preference. The company is open to co-investments, although they haven’t done such a deal yet.

 

9 February

Australia Future Fund increased its allocation in private equity to 9.5% from 7.7% as it has been cautious as risks rise and returns fall which has led it to increase its weighting to cash and alternative assets.

Offit Capital Advisors' CIO Todd Petzel revealed to PEI its future plans for private equity investments. The firm already focus on North America, Europe and Latin America but are also considering Asia-Pacific. The company makes no effort to be diversified and choose sectors opportunistically.

At its February meeting, the Oregon State Treasury announced plans to commit upwards of $2.4 billion in new private equity commitments for 2015. The Treasury expects to focus on growth equity opportunities for the year.

 

6 February

Japan's Government Pension Investment Fund has appointed Atsushi Ikari as director-general of the investment strategy department to oversee the risk management and the GPIF’s rebalancing strategy. Ikari replaces Tokihiko Shimizu who returns to the Ministry of Health, Labor and Welfare's pension fund as director-general of research.

In December, the California State Teachers' Retirement System appointed Tom Baker as a portfolio manager for its private equity team.

The Teachers' Retirement System of Louisiana  committed up to $75 million towards the EnCap Energy Capital Fund X.

 

5 February

Fukoku Mutual Life Insurance  revealed that it has less than one percent of its investment assets invested in private equity. It adopts a more conservative strategy and focuses on domestic market.

In January, New Hampshire Retirement System  committed $50 million to CarVal’s CVF III and $40 million to Comvest Fund III.

At its January meeting, the District of Columbia Retirement Board announced plans to commit at least $335 million for its 2015 pacing plan for private funds The plan calls for upwards of $210 million towards private equity. The board will aim for five to seven commitments with an average of $30 million to each.

 

4 February

Korea's Military Mutual Aid Association  has split its chief investment officer role, one in charge of the finance division and the other responsible for the construction division. Lee Sang-ho has been CIO of the finance division and led alternative and securities investments.

At the end of January, David McNiff, a senior investment officer for the Cornell University endowment, had stepped down from his position.

 

3 February

In January, Lubbock Fire Pension Fund approved a commitment of $5 million to Blackstone Tactical Opportunities II. 

Barwon Investment Partners confirmed with PEI that most of its committed funds invest in listed private equity but it may look into secondary transactions opportunistically and invest through other means. 

At its January meeting, the Los Angeles County Employees' Retirement Association approved a commitment of up to $100 million to the Juggernaut Capital Partners III fund.

To view last month's LP Radar, click here