Side Letter: Black’s Epstein memo, Australia’s next-gen GPs and hurdle rates

Apollo clarifies the Epstein connection; Australia's next-gen GPs; and the future of hurdle rates. Here’s today's brief, for our valued subscribers only.
Abu Dhabi

Mubadala plots more tech deals

The Abu Dhabi-based sovereign wealth fund invested almost $20bn across tech, agribusiness and biotech in 2018.

Side Letter: Oklahoma picks Meketa, KKR departure, CalSTRS’ summer reads

Oklahoma Teachers' gets serious on fees; KKR loses Americas healthcare head; and CalSTRS CIO's picks of the best books for summer. Here’s today's brief, for our valued subscribers only.

The 10 largest H1 2019 closes and the LPs in them

Find out which investors committed to the vehicles that raised 43% of the total capital between them.

How family office Stephens Group created a private equity-like structure

The group has invested in around 30 platform companies and add-ons, and is building out its investment team.

Side Letter: Houlihan veterans depart, CPPIB eyes TPG stakes, 17Capital targets €1.8bn for pref

Houlihan Lokey and Blackstone departures; CPPIB targets TPG Growth II; and CalSTRS' "rollercoaster year". Here’s today's brief, for our valued subscribers only.
Panellists at Emerging Manager Connect 2019 said LPs were looking for strong teams, skin in the game and honest dialogue

Four things we learned at Emerging Manager Connect 2019

LPs are looking for strong teams, skin in the game and honest dialogue, delegates heard at sister title Buyouts’ fourth annual gathering devoted to new managers.
Down under: private equity performed worse than Australian listed property and global listed infrastructure in superannuation funds' portfolios

Aussie supers’ PE returns drop ahead of ‘challenging’ conditions

Private equity was the third-best performing asset class for the past year, behind Australian listed property at 19.4% and global listed infrastructure at 14.9%.

Texas TRS to co-underwrite co-investments

The pension system is in the process of expanding the direct investment portion of its private equity portfolio from 26% to 35%.
Chart, decline

Blackstone’s private equity returns fall in second quarter

The asset manager still expects to cross $100bn in total capital inflows in 2019, having already raised $64bn so far this year.

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