Massachusetts’ $44bn pension has committed to GTCR, Montagu and Spark Capital recently, as well as to Insight Ventures co-investment funds.
The $13.2bn pension also is considering slightly cutting its 10% private equity allocation. The pension is concerned about performance and illiquidity.
Hermes GPE chief Alan MacKay told delegates at the PEI India Forum that LPs are being put off Indian private equity because of the time it takes to receive distributions.
The Government Pension Fund Global, with more than $400bn in assets, will look for environmentally related private equity and infrastructure opportunities, and also is planning an emerging-markets programme.
Saudi-based fund manager Swicorp has attracted commitments from the IFC, EIB and PROPARCO for its Intaj Capital II fund.
Placement agents that work with California’s public pension funds will be required to register as lobbyists, putting an end to fees based on the success of a fundraising.
Switzerland is home to some of private equity’s most important LPs. PEI tapped into the investor community to ask what the industry will look like in the future.
Changing LP appetites for private equity have resulted in firms beefing up their investor relations teams.
Limited partners are experiencing more favourable terms and conditions on management fees, clawback provisions and fee offsets, according to a study by Debevoise & Plimpton.
New Mexico’s $14bn oil and gas endowment, a long-time investor in private equity, hasn’t made a commitment since early 2009. SIC wants to commit to six funds over the next 12 months.