Performance

A lower annual pacing plan would lead to a reduction in co-investment opportunities and preferential treatment from GPs, according to November investment committee documents.

A tougher deal environment has made it challenging to consummate deals, and the quarter was a ‘low watermark’ for realisations, said co-chief executive Kewsong Lee.

Chinese private equity returns have been impacted by intense competition for technology assets across the Asia-Pacific markets.

Small- and mid-cap funds have been alpha generators for the pension system's PE portfolio, according to chief investment officer Farouki Majeed.

'Parts of the legacy portfolio do not have a prospect of generating a return commensurate with the risk and the illiquidity entailed, and may not provide a return at all,' CIO Narv Narvekar wrote.

Its first fund, a 2008-vintage, still has four remaining assets and is operating at 0.8x gross total value, according to a source with knowledge of the matter.

On the Q3 earnings call, the co-founder highlighted portfolio company hiring and investment returns at the firm, whose assets under management have hit a record $554bn.

The average total-value-to-paid-in multiple of active LBO funds hit 1.43x in the second quarter of this year – the lowest point in three years, according to eFront.

Funds I and II generated huge loss ratios but changed strategy Fund III onwards brought the ratio to zero.