LP Radar – January 2015

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

30 January

The Canada Pension Plan Investment Board has committed $330 million to Northleaf Capital Partners. This commitment will invest in small and mid-market buyout and growth equity funds with targets of $1 billion or less.

 

 29 January  

 FLAG Squadron Asia told PEI that it is still committing to around 100 private equity funds with total value over $1 billion. It targets growth capital in emerging markets and buy-outs in the more established countries.

The Ohio Police & Fire Pension Fund revealed to PEI that it committed 43 million to the Rhone Partners V fund. Additionally, the Fund revealed its 2015 private markets investment plan, which calls for aggregate capital commitments of $325 million between now and January 2015. The Rhone Partners V commitment falls under the 2014 commitment pace.

The New Mexico State Investment Council had approved up to $50 million to the Sorenson Capital Partners III fund. 

 

28 January  

The Public Sector Pension Investment Board has appointed Andre Bourbonnais as President and Chief Executive Officer, effective on 30 March. He replaces John Valentini who was appointed interim president and chief executive officer in 2014.

 

 27 January  

Beijing Flourish Libra Venture Capital told PEI it did not make any commitment between 2012 and 2014 but will consider making further investment once the Chinese capital market begins reviving.

The Canada Pension Plan Investment Board has promoted Mark Jenkins to Senior Managing Director who will head the Boards' private investments and Pierre Lavallée to Senior Managing Director who will head investment partnerships. Mr. Lavallée will continue his current role as Senior Managing Director and Chief Talent Officer until the Board appoints a successor.

 

 26 January  

Texas County and District Retirement System promoted Amy Bishop to director. Bishop was previously deputy director and replaced Gene Glass, who retired after 18 years at the pension fund.

The Arizona Public Safety Personnel Retirement System approved up to $80 million, plus $40 million in co-investments to the Brightwood Capital Fund III and $40 million, plus an additional $40 million in co-investments, to the Comvest Capital III.

 

23 January

CERN Pension Fund appointed Thierry Lagrange interim chief investment officer until December 2016. Lagrange replaced Theodore Economou who left last month.

The  Alberta Investment Management Corporation has appointed Dale MacMaster as the Chief Investment Officer for the pension fund. He was previously the Executive Vice President of Public Markets for the Corporation.

 

22 January

Religare Enterprises has appointed Nalin Nayyar as chief executive officer of Religare Global Asset Management (RGAM). Nayyar was previously head of the investment banking unit.

The Pennsylvania State Employees' Retirement System approved a $50 million commitment to Francisco Partners IV, a buyout fund that focuses on technology companies in North America, Europe and Israel. 

The Kansas Public Employees Retirement System approved $200 million in commitments: up to $100 million to IFM Global Infrastructure Fund and up to $50 million each to TPG Growth III and EnCap Energy Capital Fund X.

 

21 January

The Teachers' Retirement System of Louisiana plans to commit as much as $75 million each to TPG Growth III and TPG Partners VII.

For 2015, the Harvard Management Company increased its target allocation to private equity from 16% to 18%.

In December 2014, New Hampshire Retirement System approved the private equity & debt strategic plan for calendar year 2015 which includes a pace of 3-4 commitments totaling approximately $150 million. 

The San Diego County Employees' Retirement Association announced that it plans to commit between $200 million and $280 million to private equity and $275 million to $400 million to real assets, which includes agriculture, mining, energy and timber, in 2015.

 

20 January

In a conversation with Elad Dubrovsky, senior investment manager at Leumi Partners, the firm is looking to commit to buyout and venture capital funds in North America, Europe and Israel in 2015. Recent commitments made by the firm include Viola PE fund II, Apax fund VIII. 

While speaking to the private equity manager at South Yorkshire Pension Authority, PEI learned that it is not looking for new investment opportunities in private equity as it is over allocated. The pension fund will instead be looking to re-invest it's existing fund investments. 

 

19 January  

Ontario Teachers' Pension Plan has hired            Olivia Ouyang, formerly managing director and head of emerging markets at China Investment Corporation, as a Hong Kong-based director of funds and co-investments.

 

16 January  

Philadelphia Board of Pensions & Investment's chief investment officer Sumit Handa resigned and the board will discuss seeking a replacement in an upcoming meeting.

In December, the Rhode Island State Treasury committed up to $30 million each towards the EnCap Energy Capital Fund X and to Paine & Partners Capital fund IV. 

 

15 January

The head of China Investment Corporation's private equity, Zheng Kongdong, stepped down to pursue other career opportunities. Larry Zhang, has been appointed as acting head. 
 
The PFA Pension announced that Allan Polack will become the new chief executive of the fund. The former chief executive of Noedea Asset Management will begin his new role in April where he replaces Henrik Heideby who left in December.

 
14 January 

The San Francisco Employees’ Retirement System committed $100 million to KSL Capital Partners IV. Other known investors in the fund include the Texas County and District Retirement System

The Virginia Retirement System announced that Patricia S. Bishop was named acting director of the System. The current director, Robert P. Schultze, will resign on 16 February where he will become the president and chief executive officer of the ICMA Retirement Corporation.

 

13 January

China Life Insurance told PEI that it is cautious on private equity investments and is more likely to invest with GPs with successful track record. It also cites that it is open to overseas and co-investment opportunities. 

Rafique DeCastro, the private equity investment officer of the New York City Retirement Systemsis stepping down to take a position at Morgan Stanley.

In December 2014, Florida SBA committed $75 million to Cressey & Company Fund V. Cambridge Associates is the consultant for the pension fund. 

 

12 January  

American International Group has named Matt Harris as the new President and CEO of AIG Asia Pacific Insurance in Singapore and replaces Mike Raines.

It has been announced that, in December, the Texas County and District Retirement System committed $40 million to KSL Capital Partners IV.

9 January

Development Bank of Japan, Nishi-Nippon City Bankand Regional Economy Vitalization Corporation of Japan established a JPY5 billion NCB Kyushu Activation Fund to support companies in Kyushu.

In December 2014, Iowa Public Employees’ Retirement System (IPERS) authorised its private equity manager, Pathway Capital Management, to commit up to $700 million to private equity partnerships at Pathway’s discretion in calendar year 2015. Earlier in September 2014, IPERS approved a decision to decrease its private equity target from 13% to 11%.

 

8 January

Sun Life Everbright Asset Management launched a CNY100 million private equity fund with Anhua Agricultural Insurance, Chang An Property and Liability Insurance, Soochow Life Insurance, Kunlun Health Insurance, and Taishan Property & Casualty Insurance

In December 2014, Arapahoe County Retirement System approved a $3 million commitment to Horsley Bridge XI Venture. The managers that were considered were FLAG Capital Management and Northgate Capital Group.

The Houston Municipal Employees' Pension System recently committed $40 million to private equity, with commitments of $25 million to Siris Partners III and $15 million to NMS Fund II.

 

7 January

Dai-ichi Life Insurance Company revealed that it will maintain a balance between domestic and overseas investments. It will still focus on Western Europe and North America and it has started to invest in emerging markets and may increase the allocation in the next one or two years.

At its December board meeting, the San Bernardino County Employees' Retirement Association announced that it planned on committing $350 million to private equity in 2015. Out of this, $85 million will be allocated towards new relationships.

 

6 January

The senior investment officer for Asian Funds at FMO, David Nieuwendij, told PEI that it committed an undisclosed amount to Rabobank India Agribusiness Fund II. In 2015, FMO are looking to commit to between 10-20 Asian funds specifically targeting Cambodia, Sri Lanka and Indonesia and within the renewable energy, financial services and food/agribusiness sectors. 

 
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