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.
As limited partners continue to debate the merits of large buyout funds, evidence grows that they may not turn out to be the poor performers some had assumed.
The performance of mega-funds was a key point at a recent meeting, where a board member said he didn't understand why the pension continued 'to do business with the mega-funds'.
The $14bn oil and gas endowment has been slowly getting back into private equity investing after a placement agent scandal left its programme in limbo.
Britain’s largest private equity industry group is calling for an ambassador to venture capital as part of the UK government’s 2011 budget.
The $231bn pension also plans to boost its exposure to private debt as well as specialty financing in emerging markets like China and Brazil.
The state’s investment board committed $500m to KKR’s eleventh North American fund. Despite the re-up reduction, KKR has already raised more than $1bn since launching the fund earlier this year.
The $71bn pension system says cuts in fees it pays to investment managers will save it at least $40m over the next five years.
LPs at Wharton’s 2011 private equity conference said they will continue cutting back on GP relationships, and will consider making commitments to new managers who are good enough to replace existing relationships.