LP Radar – June 2016

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

30 June

Boston City Retirement System is soliciting proposals from investment firms to manage a private markets mandate of around $100 million in aggregate commitments across three years.

 

29 June

Military Mutual Aid Association plans to increase its alternative investment allocation from 23 percent to 25 percent by 2020 and to boost overseas investments, including private equity, private debt and real estate, to over 30 percent in 2017.

New York State Common Retirement Fund has disclosed its April commitments of $400 million to Thoma Bravo Fund XII, $300 million to Ares Corporate Opportunities Fund V, $256.5 million to The Sixth Cinven Fund and $200 million to Hony Capital Fund VIII.

 

27 June

Minnesota State Board of Investment approved commitments of EUR150 million to IK Investment Partners' IK VIII Fund.


24 June

California Public Employees' Retirement System is going to identify and place up to $11 billion in new commitments with qualified managers by 2020. Commitments made within the new ‘Transition Manager Program’ will range from $50 million to $300 million for private equity and real estate funds.

 

23 June 

Deutsche Borse Group launched a Frankfurt based corporate venture capital platform, DB1 Ventures, to make strategic investments in fintech industry. 

Canada Pension Plan Investment Board appointed Alain Carrier Senior Managing Director and Head of International; Suyi Kim is appointed Managing Director and Head of Asia; Dehorah Orida is appointed Managing Director and Head of Private Equity, Asia.

 

22 June 

California Public Employees' Retirement System appointed Douglas Hoffner as Interim Chief Executive Officer as the pension fund continues to look for a permanent CEO.

SoftBank's current President and COO Nikesh Arora will step down and assume an advisory role in the firm, effective 1st July. 

In Q1 2016, Michigan Department of Treasury approved commitments of $250 million to Advent International GPE VIII, $200 million each to Berkshire Fund IX and Green Equity Investors VII, $75 million to Vista Equity Partners VI, $22 million to Accel Growth IV, $10 million to Accel XIII and $5.5 million to Accel Leaders Fund.

 

21 June 

Shenzhen Hepalink Pharmaceutical approved a commitment of $60 million TPG's Biotechnology Partners V. 

Missouri Local Government Employees' Retirement System has approved commitments of $75 million each to L Catterton VIII and Portfolio Advisors Secondary Fund III.

 

20 June

International Finance Corporation proposed to commit $20 million to Abraaj's Pakistan Fund I which targets SMEs in telecom, media and technology business.

University of Michigan approved a commitment of $30 million to AMERRA Agri Fund III, a New York-based vehicle.

 

17 June

In Q1 2016, University of Michigan committed $50 million to Dyal Capital Partners III and $33.75 million collectively to Accel XIII, Accel Growth Fund IV and Accel Leaders Fund, according to the recently published documents.

 

16 June 

Tong Yang Life Insurance told PEI that its has less than 0.5 percent exposure to private equity and all are focused on Korean market. It has no intention to expand to overseas markets now.

Massachusetts Pension Reserves Investment Management Board has voted to approve an investment of up to $225 million in GSO Credit Opportunity Fund III.

 

15 June 

HOSTPLUS expressed that it is targeting small to mid market buyout, distressed, offshore co-investment and fund-of-funds. However, it will not consider secondaries due to the fee reporting regulatory issues.


14 June

Sumitomo Mitsui Trust (Hong Kong) expressed that it aims to allocate $40 million to $50 million to private equity investments through blind pool funds in the coming year.


13 June

Korea Investment Corporation appointed Kang Shin-woo its new chief investment officer.


9 June

Fresno County Employees Retirement Association is looking to hire a firm to handle both private equity and credit strategies in a separate account format.

Virginia Retirement System has announced a commitment of $250 million to Apax IX at this week's board of trustees meeting. The transaction was finalised on May 17.

 

8 June

MLC Investment Management expressed interest in committing to 10 to 15 PE funds in the next 12 months with total size up to AUD500 million. It also considers co-investment strategies with first-time managers.

Arkansas Teacher Retirement System has approved a commitment of $35 million to Bison Capital Partners V, a closed-ended hybrid fund which mixes private equity and private debt investments.

Connecticut Retirement Plans and Trust Fund's treasurer has approved a commitment of $100 million to Welsh, Carson, Anderson, & Stowe XII.

 

7 June

Oregon Public Employees' Retirement System has committed to Mayfield XV, Mayfield Select Fund and Centerbridge Special Credit Partners III.

 

6 June

Teachers' Retirement System of Louisiana's board has approved a commitment of up to $75 million to BC European Capital X.

 

3 June 

ATP appointed Kasper Arndt Lorenzen new chief investment officer to replace Henrik Gade Jepsen.


2 June 

Oregon State Treasury has approved a commitment of $250 million to Permira Fund VI.

Altamir approved EUR138 million commitment to Apax IX which aims to raise $7.5 billion to invest over the next three to four years. 


1 June

New Zealand Superannuation Fund  appointed Doug Pearce and John Williamson to its Board of Guardians which reviews the delegations and governance priorities of the Fund.

 

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