The Florida State Board of Administration has committed more than $1bn to the asset class in 2009.
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The pension negotiated fee reductions with Fisher Lynch before agreeing to commit $500m, using its Private Partnership Investment Principles.
The pension’s goal is for 80% of its private equity programme to be in direct investments, according to CEO Paul Renaud. Currently 35% comprises direct deals.
The Paris-based buyout firm has offered LPs a larger cut in the size of their commitments to Fund V.
Nazca Capital, a Spanish mid-market operation, will commence raising a third fund targeting €150m with AlpInvest as its cornerstone investor.
The firm has agreed to allow LPs in the fifth fund to shrink commitments by up to 30%.
The pension is backing Angeleno Investors III, which is raising $250m for investments in alternative energy and clean technology.
The US public pension, not having seen enough ‘sufficient quality opportunities’, has committed only one-third of its budgeted $1.5bn for private equity investments this year.
The 'realignment of interests' was a theme repeatedly raised at the London conference Wednesday, with one investor noting LPs, too, must increase transparency.