Allocations: which LPs are up and which are down


OCERS ups PE target allocation to 8 percent 
The Orange County Employees Retirement System raised its target allocation to private equity to 8 percent from 6 percent, according to a memo from the pension following its 25 January investment committee meeting. Its actual allocation to private equity stood at 5.5 percent, or $725 million in market value, as of 31 December.

PRIM seeks to increase PE allocation following strong returns 
A Massachusetts Pension Reserves Investment Management Board committee voted to increase its target allocation for private equity from 10 percent to 11 percent. The move comes as private equity outshone all other asset classes for the Boston-based pension plan in 2016.

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CPPIB's PE allocation tops 21% 
Canada Pension Plan Investment Board's private equity assets stood at C$63.3 billion ($48.3 billion; €45.4 billion) as of 31 December 2016, representing 21.2 percent of assets, up from C$63.1 billion, or 21 percent, in the previous quarter.

Santa Barbara pension raises PE commitments in 2016 
The Santa Barbara County Employees' Retirement System committed $68.5 million to seven private equity funds in 2016, representing a 37 percent increase from the $50 million committed to five funds throughout 2015, according to reviews by advisor Hamilton Lane.

LA Water & Power ups PE commitments for 2017 
The Los Angeles Water and Power Employees Retirement Plan is expected to commit $260 million to private equity funds in 2017, in a bid to meet the 8 percent target it set in September 2015. The $10.6 billion pension had an actual allocation of just 3.19 percent as of 31 January, according to materials for a March meeting.

San Bernardino to rope off $400m for PE in 2017
The San Bernardino County Employees' Retirement Association's board approved a target commitment of $400 million for private equity in 2017, $20 million above the actual commitments made in 2016, according to minutes from a December board meeting.

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University of California to double PE allocation by 2020
The University of California Board of Regents approved an increase in private equity target allocation from 11.5 percent to 22.5 percent for its $9.9 billion endowment, according to board minutes from March.

East Riding pension fund hikes alts allocation
The East Riding of Yorkshire County Council Pension Fund, which has assets of £4.2 billion ($5.35 billion; €4.8 billion), set a revised allocation to alternatives of 26 percent of its portfolio. Of this, 6 percent will be committed to private equity, according to its 2017 investment strategy.

Ping An Life increases alternatives exposure
Chinese insurer Ping An Life Insurance increased its allocation to alternative assets from 1.1 percent in 2015 to 1.9 percent in 2016, amounting to approximately 38 billion yuan ($5.5 billion; €5.1 billion). 

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LA Fire & Police eyes $450m in PE commitments for 2017 
The Los Angeles Fire & Police Pensions was expected to commit about $450 million to private equity in 2017 to meet its new 12 percent target. The fund's range for private equity commitments is now $425 million-$475 million a year, up from $300 million-$350 million in 2016, according to materials for a March board meeting.

Alaska pension ups PE commitment target for 2017 
The Alaska Retirement Management Board will target $560 million in private equity commitments for 2017, up from the $530 million target in 2016, according to materials for an April board meeting. The $23.8 billion pension fund plans to raise its 8.2 percent allocation to 12 percent in the next 10 years.

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GSFA to raise PE exposure
New Zealand's Government Superannuation Fund Authority announced plans to raise its exposure to private equity investment by approximately $69.47 million before May 2018, allocating 3.7 percent of its AUM to private equity and investing in around 40 funds via funds of funds.

POBA commits another $300m to overseas PE managers 
South Korean pension fund manager the Public Officials Benefit Association awarded mandates totalling $300 million to seven private equity managers spanning five different strategies. The pension will gradually increase its overseas exposure from 24 percent of its overall assets under management to more than 30 percent within three years.

Alaska Permanent Fund increases co-investment plan 
The Alaska Permanent Fund Corporation planned to have about 35 percent of its $900 million private equity target commitment amount for the 2018 fiscal year in co-investments, up from 25 percent in 2016 and 2017.

Florida boosts PE commitments for 2018 
The Florida State Board of Administration is expected to commit $1.78 billion to private equity for the upcoming 2017-18 fiscal year starting 1 July, 36 percent above the $1.31 billion that the pension committed to 20 funds in the 2016 fiscal year.

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NPS's global investing bolsters alternatives returns 
South Korea's National Pension Service has seen its allocation to alternatives increase by 9 trillion won ($7.98 billion; €7.13 billion) year-on-year to 63.7 trillion won for fiscal 2016. The alternatives allocation now sits at 11.4 percent.


Lockheed Martin Investment plans to cut external managers
Lockheed Martin Investment Management Company, the asset management arm of Bethesda-based advanced technology company Lockheed Martin Corporation, plans to reduce the number of relationships it has with its asset managers. However, the pension intends to increase its overall private equity allocation from 10 percent to 12 percent by investing more capital with fewer managers.

Australia's First Super suspends PE investments

Australian superannuation fund First Super said it will no longer make any new investments in private equity due to concerns about poor labour practices at portfolio companies of some of its private equity funds. The fund will also review its $100 million private equity programme, it said in a statement.

ANZ Australian Staff Super Scheme reduces PE exposur

The ANZ Australian Staff Superannuation Scheme has expressed its desire to reduce its private equity allocation from 0.8 percent to zero, according to PEI data.

New Jersey to slow down PE commitments
The New Jersey State Investment Council will slow its commitment pacing in private equity and real estate to around $1 billion of commitments every year from 2017 to 2024. In 2016, SIC committed nearly $2 billion to private equity, according to meeting materials from May.

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US Steel to close investment office
United States Steel and Carnegie Pension Fund is set to cut all 72 of its investment staff over the next few quarters amid plans to outsource its investments. The fund had $9 billion of regulatory AUM as of March 30, according to a US Securities and Exchange Commission filing.

Texas Teachers lowers PE commitment plans for 2017
The Teacher Retirement System of Texas is expected to commit up to $4.2 billion in private equity in 2017, down from the $4.6 billion planned for the prior fiscal year, according to materials for a board meeting in June.

Australia's Future Fund to trim return target by 0.5%
The Australian government proposed a revised investment mandate for the A$129.6 billion ($98.6 billion; €87.7 billion) Future Fund, in a bid to reduce the sovereign vehicle's return target by 0.5 percent over the long term.

SWFs freeze PE allocations amid global uncertainty
A report by asset manager Invesco found sovereign wealth funds are starting to favour real estate over private equity and infrastructure as rising competition and deal execution challenges cast shadows over the asset classes.