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The Boston firm last month closed Bain Capital Global Special Situations Fund II at $4.1bn, ahead of its target, sources told Buyouts.

It would be tragic if government intervention results in the tearing down of AIMCo, an innovative public pension system with a significant presence in alternative assets.

LACERA will be allowed to commit up to 35% of its private equity allocation to secondaries or co-investments, and up to 20% of the allocation to funds of funds.

The firm disclosed the launch of its concentrated deal-focused GP-led strategy in May.

Pennsylvania Public School Employees’ Retirement System's sale included stakes in funds managed by New Mountain Capital, Apollo Global Management and Platinum Equity.

But it’s still a tough market for new GPs, given continued fierce competition for scarce investment capital.

The private equity industry continues to face challenges around realisations, according to chief executive Bobby Le Blanc.

The first two funds in the series, targeting Chengdu and Guangzhou, have collectively raised around 2bn yuan from both overseas and domestic LPs, PEI understands.

The Canadian province’s legislature, led by premier Danielle Smith, dismissed AIMCo’s CEO, Evan Siddall, along with three other board members last Thursday.

The sale comprised 13 fund investments, eight of which held vintages of 2013 or earlier, with the funds offloaded for an adjusted purchase price of $737.1m, according to documents seen by Buyouts.