Managers

The system joins other large LPs in making commitments to the smaller end of the market.

Without much capital coming back, LPs are slowing the pace of their commitments and sticking mostly with their deepest relationships.

NEPC recommended San Bernardino commit $575m to private equity over the next two to three years.

It’s not every day you see a large system try and get access to smaller funds.

GP stakes, healthcare and Middle Eastern investors will be front of mind for Asia-Pacific markets in 2024.

The public pension fund is nearing its target allocation.

LPs remain overstressed, overworked and overburdened.

While much of the market news was gloomy, there were bright spots. Many GPs, big and small, old and new, succeeded in their fundraising – despite the challenging environment.

'Given that we don’t think the fundraising pace is going to pick up dramatically in 2024, then we will continue to take our time to ensure we’re backing the right partners while getting appropriate terms – and we’ll weigh our options if that’s what is required.'

Employee ownership this year was more often figuring into private equity value-creation strategies.