US

The California pension giant with $613bn is demonstrating a near-term performance boost following a heavier emphasis on venture and growth, co-investment and secondaries.

The pension fund is set to make its second cut to its PE target in four years, with the LP suggesting it may make secondaries sales in specific scenarios.

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'It's been a tough four years for private equity... and it's why DPI is IRR today – not the new IRR – it is IRR today,' Matthew Roche, partner with StepStone Group said.

The firm is joining a growing number of PE entrants expanding into the secondaries market, affiliate title Secondaries Investor understands.

JFL Equity Investors VII arrives in the market just over a year after the close of its predecessor at $2.23bn, well above an initial target of $1.6bn.

Noisten is joining the firm at an important time to ‘help us build appropriate infrastructure before OceanSound reaches another major milestone in size and complexity,’ CEO Joe Benavides told Buyouts.

ERS Texas stated that while current offerings did not meet their standard for inclusion, the pension would continue to review them down the line.

The firm is hoping to convince investors with its superior DPI numbers, after falling short of its last flagship fundraising target.

The fund had set a target of $4.25bn in the fourth quarter of last year.