Managers

The alternatives unit of the $1.4trn investment firm wants to put more capital into growth equity, private debt and climate change-focused investments.

The capital solutions group was formed to combine the bank’s GP-led secondaries advisory activity with its efforts to source capital for direct and co-investments.

VRS has been steadily increasing allocation towards PE, had an 8.8% allocation in 2011 and is now up to 15.6%.

The single-asset deal is in a market that has been flooded with GP-led transactions as managers look for ways to hold treasured assets beyond the parameters of traditional private equity funds.

Partners Group’s $15bn capital raise for its latest PE buyout programme highlights LPs’ growing attraction towards non-traditional fund structures.

The system formed new relationships with Hellman & Friedman and TA Associates.

The firm is among a handful of newer shops raising capital to target the smaller side of the secondaries market, which is busy and largely ignored by larger firms.

The board approved doubling its private equity target allocation to 12%.

Sacramento County Employees’ Retirement System increased its PE allocation to 11%, also adding a 15% target growth equity sub-strategy.

While marketing, the fund's hard-cap was bumped up due to strong demand from LPs, managing partners Matthew Frankel and Michael Weinberg told Buyouts.