Limited partners last week warned GPs that fundraising in 2011 will be anything but easy unless firms can prove their ability to ‘generate outsized alpha’.
BC Partners’ €4bn first close was a ray of light for GPs at last week’s EVCA Investors’ Forum in Geneva, especially those among the large crowd getting ready to raise a new fund.
The Singapore-based fund of funds manager has parted company with its Indian parent and will continue to fundraise under its new name, Serasi Capital.
The Toronto-based pension fund’s private equity platform returned 22.2%, beating last year's returns but underperforming its benchmark.
More than one-third of LPs say they have turned away GPs based on an insufficient grasp of environmental, social and governance issues.
The state’s board of investments, which oversees $83.8bn in assets, committed to Centerbridge Partners, Cortec Group, Excellere Capital and GTCR in the past few months.
The $34.6bn pension has been ‘overhauling’ its private equity programme to expand its capabilities around co-investing, secondaries and international investments.
The portfolio returned 26.7% in 2010, beating every other asset class. La Caisse de Dépôt et Placement du Québec also cut C$6.7bn of debt from infrastructure and private equity in 2010.
Oregon’s public employees’ pension is reducing its commitment pace to private equity, but still has $2bn for the asset class this year.
Limited partners are ‘drilling down’ into the unrealised portfolios of GPs before committing capital, both with new and existing GP relationships.