KKR’s second Asian Fund received $225m from the Oregon Investment Council Wednesday. The firm will take minority and controlling stakes in companies based in emerging and developed Asia.
The $460bn sovereign wealth fund’s original private equity team has almost completely turned over, leading to concerns about the loss of ‘institutional knowledge’.
Providence Equity, Oaktree Capital Management and Riverstone Holdings have all received commitments from the $35bn retirement system.
After acquiring a $5.8m fund stake from another investor and assuming $14.2m in uncalled commitments, New Jersey’s Division of Investment now has a 15.5% stake in Tenex’s debut vehicle.
The position will be responsible for managing the $39bn endowment’s $5bn private market co-investment programme, which consists of private equity, infrastructure and other strategies.
Rich Hall, who was recently named private equity head at the pension system, said the asset class is essential to the fund generating the returns it needs to meet its obligations.
The $12.78bn retirement system has invested $100m across five funds since its February meetings.
The $39bn retirement system invested in vehicles managed by Oaktree Capital Management, GGV Capital and Institutional Venture Partners.
FountainVest CEO Frank Tang told board members of a San Diego pension that China was unlikely to reverse its course on open markets and strong regulations.
The University of Michigan unveiled investments in two recently closed vehicles at its meeting Thursday in addition to a $30m commitment to Stone Tower Capital, which was recently acquired by Apollo Global Management.