LP Radar – July 2016

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

28 July

Brookfield Asset Management has hired Ron Bloom as a Managing Partner for private equity who will be based in the New York office.

 

27 July

Los Angeles City Employees' Retirement System has approved $10 million for Longitude Venture Partners III, $25 million for Stepstone Secondary Opportunities Fund III and $10 million for Vista Foundation Fund III at their July 26 board meeting.

Inovest expressed that it is currently allocating approximately 10 percent of assets to private equity investments. It places most focus on buyout investments in consumer and financial service sector.

  

26 July

Cathay Life Insurance told PEI that its current private equity allocation is $3 billion, mostly through PE funds. It welcomes experienced fund managers and also considers first-time managers being referred. The Group will target $30-$50 million global investment with various strategies in the near future.


25 July

Los Angeles Fire & Police Pension System’s board approved a $15 million commitment to DFJ Growth 2016 in June. The investment was finalised on June 22.

Public Sector Pension Investment Board’s strong returns in real estate, infrastructure and natural resources were partially offset by lower returns in private equity and negative returns in public markets in fiscal year 2016.

 

22 July

China Investment Corporation(CIC) has named Tu Guangshao as the company's new Vice Chairman and President, replacing Li Keping. CIC also announced Liu Guiping no longer serves as Executive Vice President.


21 July

Hyundai Life told PEI that it will look for managers in the fourth quarter for the private equity and private debt investments. However, it will not consider first-time managers.

City of Knoxville Pension Board approved a commitment of $6 million to Fort Washington Private Equity Investors IX, a fund of funds, following a recommendation from its investment committee last month.


20 July

University of Michigan has disclosed commitments of $30 million to Advent International VIII, $25 million to Yorktown Energy Partners XI, $15 million to Accel London V and $7 million to AH Bio Fund I.

 

18 July

Illinois State Board of Investment is searching for a Private Equity Investment Officer. The candidate would assist in overseeing the board’s private equity portfolio.

 

15 July

China Life Insurance told PEI that it will allocated less than 5 percent of asset to private equity in the coming 12 months. It also expressed their preference in low risk investments including buyout and co-investment in developed countries. However, it will stay away from venture capital investment due to the high risk.


14 July

California Public Employees Retirement System has named Marcie Frost as its new Chief Executive Officer. Ms. Frost will start on October 3rd. She replaces Anne Stausboll who retired at the end of June.

National Pension Service (NPS) has approved KRW250 billion to each VIG Partners and Skylake Investment for large-cap company investments while KRW100 billion is given to each Lindeman Asia Investment and SG Private Equity to look for mid-sized companies. It also named Yang Sig Yang the head of investment strategy and Sang Hyun Yoo the head of global alternative division.

Municipal Fire & Police Retirement System of Iowa’s board approved a $30 million commitment to Adams Street US Small Market Buyout Fund at its meeting last week.

European Investment Fund has invested in ARX Equity Partners' fourth CEE fund, which has completed a first close of its latest Central European-focused vehicle at €54 million.

 

12 July

Texas County and District Retirement System has committed $50 million to Arbor Investments IV. The transaction was finalised on July 7.

 

11 July

Temasek is going to establish a new office in San Francisco in late 2016 to explore tech-related investment opportunities in Silicon Valley region.


8 July

Partners Group is going to open a services hub in Manila to expand its Asian presence in September 2016. The office will be located in Bonifacio Global City business district.

 

7 July

Police Mutual Aid Association is searching for domestic managers to manage its two PE and two VC funds. It will earmark KRW20 billion to each PE fund manager while KRW10 billion will be allocated to each VC fund manager.

Teacher Retirement System of Texas has committed $200 million to GSO Capital Opportunities III, managed by The Blackstone Group. The transaction was finalised on June 17.

 

6 July

ATP Private Equity Partners committed to Astorg VI in June.

 

5 July

ATP and PFA Pension have each contributed DKK500 million to Via Venture Partners' third venture fund which targets software, technology and services companies in Northern Europe.


4 July

Tennessee Consolidated Retirement System approved a commitment of €200 million to BC European Capital X at the June 24 Investments Committee meeting.

 

1 July

Louisiana State Employees Retirement System has approved $225 million in commitments for distressed/special situations opportunities with Cerberus Capital, Gamut Capital and Oak Hill Capital.

Indiana Public Retirement System has named Scott Davis as its new Chief Investment Officer and Bo Ramsey as the Deputy Chief Investment Officer. Davis had served as interim CIO since September 2015.

 

To view last month's LP Radar, click here.