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LP Radar – May 2015

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

29 May

The president and CEO of the Ontario Teachers' Pension Plan, Ron Mock, will act as interim chief investment officer as current CIO Neil Petroff retires on June 1st.

 

 28 May

University of Houston System has committed $7.5 million to Truebridge-Kauffman Fellows Endowment Fund IV.

The Metropolitan Government of Nashville and Davidson County Employees' Benefit Trust Fund has committed $60 million to Marathon CLO Equity Fund, $45 million to Greenspring Global Partners VII, $30 million to GSO Energy Select Opportunities Fund, and $15 million to Columbia Capital Equity Partners VI. 

 

27 May

Alaska Permanent Fund has a target allocation of 6% to private equity and could commit $900 million in total to private equity funds and co-investments in fiscal year 2016. The allocation could increase or decrease by $200 million based on opportunities and co-investments is limited to $225 million.

The University of Michigan committed $6 million to Sequoia Capital U.S. Venture Fund XV in January. The fund invests in early and growth stage technology companies.

 

 26 May

San Diego County Employees' Retirement Association has announced that Stephen Sexauer will be its chief investment officer on May 29th.

The Oklahomma Police Pension and Retirement System has committed $7.5 million to Oaktree Fund Xb, a distressed debt vehicle.

 

 22 May

Chicago Teachers' Pension Fund has promoted Tiffany Reeves to deputy executive director and Angela Miller-May to director of investments.

The retirement systems division of the North Carolina State Treasury has committed $67.5 million to New Enterprises Associates 15 and $65 million to NEA 15 Opportunity Fund.

 

21 May

The director of emerging managers of New York State Common Retirement Fund, Rosalinda Vasquez, will return to the Illinois Municipal Retirement Fund as investment officer, emerging managers program and total portfolio on June 15th.

The board of investments of the  Los Angeles County Employees' Retirement System  has approved commitments of up to $100 million to Clearlake Capital Partners IV and up to $150 million to BDCM Opportunity Fund IV. 

 20 May

The managing director of Stanford Management Company, Saguna Malhotra, will join Adams Street Partners as  partner in mid-June.

 

19 May

Connecticut Retirement Plans and Trust Fund's chief investment officer, Lee Ann Palladino, will retire on July 1st. Current deputy CIO Deborah Spalding has been appointed interim CIO.

Oregon Public Employees's Retirement System has committed up to $500 million to Blackstone Capital Partners VII.

 

 18 May

Roey Granot, head of private equity at Migdal Insurance and Financial Holdings, disclosed to PEI that over the next 12 months the institution will invest into funds targeting the US and Europe, focusing on buyout and special situations. 

 

15 May 

Taiwan's Bureau of Labor Funds expressed it has no plan to invest in private equity in future because of its nature of illiquidity and opaque valuation. BLF prefers other alternatives investments.

The trustees of the State of Wisconsin Investment Board recently approved a plan to expend a regional private loan portfolio, which will allow the investment team to invest in companies outside of the state in Indiana, Ohio, and Pennsylvania. 

 

14 May 

Taiyo Life Insurance revealed that it will stop investing in alternative investments. Instead, it will focus on listed equity and bond investments.

The Teachers' Retirement System of Louisiana has committed up to $75 million to Apollo Natural Resources Partners Fund II and up to $75 million to GSO Energy Select Opportunities Fund.

 

13 May

Korea's Public Officials Benefit Association has put an end to its 2015 global PE investment plan after accepting three oversea mandates with an average commitment size of $30 to $40 million. POBA will come up with another plan next year.

Last month, the California Public Employees' Retirement System committed $50 million to TCP II Co-Invest B, a co-investment vehicle managed by Tailwind Capital Partners. 

 

12 May 

Nissay Asset Management revealed that it currently has 26 funds managed by 20 fund managers. It aims to increases allocation to growth and venture capital funds and build a diversified portfolio.

The Los Angeles City Employees' Retirement System has committed up to $17.5 million to Oaktree Opportunities Fund Xb, up to $7.5 million to Oaktree Opportunities Fund X, and up to $10 million to Thoma Bravo Special Opportunities Fund II.

 

11 May 

Korea Teacher Pension Fund revealed that it aims to increase its alternative investment exposure to 17% by the end of 2015 and achieve 20% in 2017.

The Employees Retirement System of the City of St. Louis has issued an RFP for a private equity fund-of-funds manager in which to invest $20 million. Proposals to the $790 million pension fund are due at 4 pm CDT on June 5.

 

8 May 

The University of Illinois Foundation has named James H. Moore Jr. president and CEO, effective July 1.

 

7 May

Hamilton College has appointed Anne Dinneen chief investment officer. Dinneen replaced Peter Tonetti who retired in May.

A recently disclosed document states New York State Common Retirement Fund committed $550 million between two TPG funds in March. The pension fund committed $250 million to TPG Partners VII and $300 million to TPG Growth III, the latter of which held a final close at $3 billion last month. The retirement system also committed $85 million to Capital Alliance Private Equity IV and $30 million to PVP Fund I-A.

According to board meeting minutes, the Arlington County Employees' Retirement System has committed $15 million to the Franklin Park 2015 Venture Series fund of funds.

 

6 May

The Virginia Retirement System announced that since the beginning of this year it has committed $300 million to TPG Partners VII, $200 million to Oaktree Opportunity Funds X/Xb, $150 million to KKR Special Situations II, and $50 million to Babson Capital Gateway Mezzanine II.

 

5 May

Pennsylvania Public School Employees’ Retirement Board approved two commitments on 30 April at its board meeting. The investments accumulate to $175 million; $75 million to Clearlake Capital Fund IV and $100 million to Coller International Partners VII.

Last month, the South Carolina Retirement System announced it would make about $750 million in commitments to private equity for the year starting in July. The $29.51 billion pension fund is particularly interested in investing in energy strategies and smaller managers.

 

4 May

At its April investment meeting, Ohio Police and Fire Pension Fund approved two recommended commitments of $40 million each to TA XII and EQT VII.

North Carolina Retirement System will be committing $250 million to Grosvenor Capital Management which will back private equity funds and businesses in North Carolina. The retirement system will also invest out of its specialised vehicle, North Carolina Innovation Fund II. Investments will range between $2 million to $20 million with two-thirds of the investments focusing on co-investments and the remainder to be allocated to venture capital, buyouts and mezzanine debt funds.

 

1 May

In the first quarter of 2015, Florida SBA committed $674.5 billion from eight private equity funds, with the help of its investment consultant Cambridge Associates. SVB Asset Management's Strategic Capital Overage Fund received the biggest commitment of $125 million.

In a conversation with Stephen Rauh, Chairman at Vermont State Retirement System, confirmed that $15 million was committed to HarbourVest Venture Fund X and $35 million to HarbourVest Buyout Fund X at its April investment meeting. 

 

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