Managers

The crisis has been worse for smaller, more specialized managers, said Michael Arougheti during an earnings call on Wednesday.

The fundraising total includes $460 million in LP commitments and a $180 million GP commitment.

The $53.8bn pension, founded in 2016, plans to do more direct investments in the future.

CEO Jeffry Brown, a former Dyal Capital Partners principal, expects to see bolt-on strategies in use over the next five years, especially as mid-market firms increasingly transact with GP stakes funds.

Alternatives has more than $6 trillion in assets under management, and only about $100 billion of that trades hands in secondaries, Blackstone president Jonathan Gray said.

The firm saw ‘renewed momentum’ on the deal side in the third quarter, and more than $15bn of inflows across asset classes, including $2.3bn for Blackstone Growth.

With more inflows into the PE industry expected in the next decade, firms can add more value to highly leveraged publicly traded companies, says Cinven partner Jorge Quemada.

Lightsmith, formed by ex-Siguler Guff executive Jay Koh, pursues growth investments in businesses taking on the challenges created by climate change.

Ascend was founded in 2019 by In Seon Hwang, formerly global head of healthcare at Warburg Pincus, and Richard Park, ex-CEO of Warburg portfolio company CityMD.

The firm expects a final close in early 2021.