LP Radar – March 2015

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

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 31 March

The Meeran Family Trust, Eastern Group's owner, has committed INR375 million to the CapAleph Indian Millennium SME Fund which is targeting INR 1.25 billion to invest in early-stage food and agriculture businesses.

The New York State Common Retirement Fund has committed an additional $30 million to Primary Venture Partners, a technology-focused early stage venture capital firm. The $181.7 billion pension fund had previously committed $42 million to the firm as part of its in-state private equity investment program.

 

 30 March

Orange County Employees Retirement System has approved a $50 million commitment to Monroe Capital Private Credit Fund II.

The Quincy Retirement System is seeking a large/middle-market buyout private equity fund to commit $5 million to. Proposals from experienced managers are due by 3:00 pm EDT April 17.

 27 March

The State Board of Administration of Florida has sold a legacy private equity portfolio that was valued at approximately $350 million during its December meeting. For more information, visit Secondaries Investor.

The Ohio Police & Fire Pension Fund has committed up to $50 million to Blackstone Capital Partners VII.

 

26 March

London Borough of Haringey Pension Fund has committed £20 million to Pantheon Global Secondary Fund V.

At yesterday’s investment meeting, Rhode Island State Treasury approved a $30 million to the allocation to Garrison Opportunity Fund IV.

In January, New Jersey Division of Investment committed $150 million each to TPG Growth II and JLL Partners Fund VII. At yesterday’s meeting, the pension fund will consider investing up to $150 in a co-investment vehicle managed by HitecVision and up to $100 million to KSL Capital Partners IV. 

The New Jersey Division of Investment has also elected Tom Byrne as chairman of the state investment council. 

 

25 March

RBL Bank has committed INR500 million to Trifecta Capital's debut venture debt fund.

In March the Colorado PERA Board of Trustees approved a new asset allocation to private equity, which will be implemented as of 1 July 2015. CoPERA have an interim target of 7.5 percent and a long term target of 8.5 percent.

The Stanford Management Company (SMC) has appointed Robert Wallace as new Chief Executive Officer of the endowment.

 

24 March

The Kansas Public Employees Retirement System  has committed €65 million to Montagu V, a Northern Europe-focused buyout fund managed by Montagu Private Equity.

 

20 March

Taiwan's National Development Fund, Cathay Life Insurance, Fubon Life Insurance, CID Group, CDIB Capital, Chinatrust Venture Capital, Phison Electronics, Far Eastern Telecommunication and United Daily News Corp. have committed to AppWorks Fund II which targets $1.5 billion to support Taiwanese internet start-ups.

 

19 March

China International Capital Corporation has appointed Mingjian Bi as its new CEO. Bi was the investment banking chief in CICC and previously a partner at Hopu Investment Management.

In January, the Employees Retirement System of Texas approved a $125 million commitment to KSL Capital Partners IV.

The Tennessee Consolidated Retirement System  has issued an RFP and is searching for a private equity investment consultant to advice the $42.3 billion pension fund's private equity and strategic lending portfolios.

 

18 March

The San Bernardino County Employees’ Retirement Association has committed $25 million to SL Capital Partners’ Secondary Opportunities Fund II, its second secondaries fund commitment this year. 

The Dallas Police and Fire Pension System has voted to hire Kelly Gottschalk as executive director. Previously the deputy city manager of Tucson, Arizona, Ms. Gottschalk will be replacing Donald Rohan, who was serving as the pension fund's interim administrator since June 2014.

 

17 March

Earlier this month, the Pennsylvania Public School Employees' Retirement System approved $350 million in commitments to three private equity funds. $100 million was committed to each Partners Group Secondary 2015 and Venor Special Situations Fund II and $150 million was committed to ICG Europe Fund VI. 

The Maine Public Employees Retirement System has committed up to €50 million to Rhone Partners V and up to $15 million to Thoma Bravo Special Opportunities Fund II.

 

16 March

The Maine Public Employees Retirement System has committed $75 million to Siris Partners through the emerging managers program.

KredEx revealed to PEI that it is a fund of funds investor that focuses on developing local private equity and venture capital markets. KredEx's investments focus in Estonia with no particular sector in mind and is planning to invest in its next fund between Q2-Q3 of 2015. The organisation has committed to the Baltic Innovation Fund. 

 
In February, Oregon State Treasury committed $350 million to three funds; $150 million each to Encap Energy Capital Fund X and RRJ Capital Master Fund III and $50 million to GGV Capital Select. 

 

13 March

NTUC Income Insurance Co-operative revealed that its current allocation to alternative investments is 15% and has committed to more than 50 private equity funds.

Einstein Kihanda, Chief Investment Officer at the ICEA Lion Group spoke to PEI and revealed it will be looking to invest in private equity before the end of the year. The group is considering funds investing into companies in Kenya across all across sectors. The regulations mean that the group cannot invest more than five percent of assets in private equity. The first investment will be much less than this amount.

The European Bank of Reconstruction and Development revealed to PEI that it envisages making approximately 10 fund commitments in 2015. Central Europe and Turkey are areas of particular interest to its fund investment team.

 

12 March

Small and Medium Business Administration Agency of Korea and IDG Capital Partners have established a KRW100 billion venture capital fund. More than 60% of the fund will be invested in Korean companies, primarily in the healthcare, digital content and technology sectors.

At yesterday's investment meeting, Pennsylvania State Employees' Retirement System committed $50 million to Primavera Capital Fund II, a growth equity fund focusing in China.

According to agenda materials for their March investment committee meeting, the California Public Employees' Retirement System has co-invested $100 million alongside the Blackstone Tactical Opportunities Fund. 

 

11 March

Zhejiang Venture Capital Fund of Funds Management told PEI that it did not make new investment in 2014 but will continue to look for new investments in 2015 especially in information technology.

The New Mexico Educational Retirement Board approved a $40 million commitment to Ares Special Situations Fund IV, according to meeting minutes. 

 

10 March

Korea Investment Corporation and Kingdom Holding Company have signed a memorandum to collaborate on private equity investment opportunities.

Last month Teachers Retirement System of Texas approved four commitments totalling $700 million. TRS committed $250 million to TPG Growth Fund III, $150 million to Baring Asia Private Equity Fund IV, $100 million to Oaktree Opportunities Fund X and $200 million to Oaktree Opportunities Fund Xb.

 

9 March

Shinsei Bank, Hitachi, Toho Bank and Yamato Kogyo committed into ASEAN Industrial Growth Fund (AIGF) which has held a first close of $130 million and is seeking $200 million.

Meeting materials for the Public Employees' Retirement Association of New Mexico reveal that the investment committee will decide at tomorrow's meeting whether to approve up to $150 Million to 57 Stars LLC in an Emerging Market Private Equity Separate Account.

The University of Michigan has committed $35 million to Francisco Partners IV and $25 million to Advent Latin American Private Equity Fund VI.

 

6 March

The Louisiana State Employees Retirement System has committed up to $75 million to Coller International Partners VII.

The State of Wisconsin Investment Board is looking for a consultant for private equity accounting and reporting. The $103 billion board has $7 billion specifically in private equity and has set a proposal deadline for March 19.

 

5 March

Chicago Teachers' Pension Fund has named Charles A. Burbridge as executive director. Burbridge is currently the chief financial officer for the Atlanta Public Schools and held various senior positions at the Los Angeles Unified School District, Chicago Public Schools and Illinois' Cook County.

 

 4 March

Kenya’s Nation Media Group Staff Retirement Benefits Scheme has committed $1 million to Ascent Rift Valley Fund (ARVF).

The City of Newport issued an RPF and is in search for a private fund-of-funds manager to run $7 million for its pension fund. 

The New Mexico Educational Retirement Board has hired Top Tier Capital Partners as its private equity consultant. 

 

3 March

Shinsei Bank, Bank of Kyoto and Sumitomo Electric Industries have committed into the Keihanna ATR fund. The fund is set up by Nippon Venture Capital and the Advanced Telecommunications Research Institute International and targets JPY5 billion.

The Texas County and District Retirement System committed $50 million to RRJ Capital Masters Fund III and $75 million to Davidson Kempner Long-Term Distressed Opportunities Fund III.  

Last week at the board meeting, Illinois Municipal Retirement Fund approved a $25 million commitment to Encap Energy Capital Fund X.

 

2 March

Last week, the Texas County and District Retirement System committed $75 million to Davidson Kempner Long-Term Distressed Opportunities Fund III. 

Swarthmore College currently allocates 17% of its portfolio to private equity. The endowment revealed to PEI that over the next 12 months, it is open to investing with buyout, secondaries, distressed/ turnaround, and venture capital managers with a global remit.

The California State Teachers's Retirement System  committed a total of $555 million to private equity funds in the fourth quarter of 2014, according to their most recent quarterly activity report. The largest commitment was a $250 million allocation to Centerbridge Capital Partners III.

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