He said it
“Take the time to educate yourself. Recognise micro-aggressions exist and can be as painful for those on the receiving end as overt racism. There should be zero tolerance on your part. Stand ‘shoulder-to-shoulder’ with the person being targeted and call out the aggressor”
A statement from Wol Kolade, managing partner of mid-market firm Livingbridge, on how all peers in the PE industry have a role to play combating racism
Archer’s on ice
Archer Capital, one of Australia’s oldest private equity firms, has again put plans for a sixth flagship fund on hold. The Sydney firm had been in early discussions with existing LPs about Archer Capital Fund VI last year, but now intends to focus on its current portfolio. The vehicle was expected to have been around A$300 million ($206.2 million; €182.5 million) in size, representing a shift in strategy for Archer. It had previously been seeking around A$1.5 billion for Fund VI but scrapped those plans in 2018 after founder Peter Wiggs announced his intention to retire. If it doesn’t make a third attempt, it would join a number of Aussie PE stalwarts, including CHAMP Ventures and Ironbridge Capital, that have decided to wind down in recent years.
LPs are now largely happy with the info they get from their managers, says Coller Capital’s latest Global PE Barometer. The survey shows a big leap – from 39 percent in 2012 to 82 percent in 2020 – in LPs’ satisfaction with the transparency of their GPs’ disclosure. The work continues, however, as last week’s ILPA guidelines suggest. Also in the survey: climate change and ESG remain hot topics, although many LPs think GPs are not taking the risks of global warming seriously enough in their investment policies and practices.
Growth from a crisis
It’s growth capital week on Private Equity International this week, featuring insight from our June print edition into this fast-growing and increasingly popular part of the private equity universe. First up today: how growth capital strategies could emerge stronger from the covid-19 crisis.
$400 – that’s the upper end of the payout that the 3,100 employees of a Thomas H Lee Partners portfolio company will receive after being laid off. Workers from retail chain Art Van Furniture, whose March bankruptcy process was exacerbated by the covid-19 crisis, have called the private equity firm’s $1 million relief fund “grossly inadequate”, Bloomberg reported (paywall) last week. For reference: the size of fund per employee is less than half that of the $20 million fund KKR and Bain Capital set up for the 30,000 Toys ‘R’ Us workers left without severance in 2018.
What you’re reading
Here is the content you read the most last week:
- Chart: Top 50 managers and their strategies visualised
- Vanguard private markets head: PE will come downmarket
- Why Prudential’s investment unit and GIC want you to rethink illiquids
LP meetings. It’s Monday, so here are some LP meetings to watch out for this week.
- Chicago Firemen Annuity & Benefit Fund
- California Public Employees’ Retirement System
- Fresno County Employees’ Retirement Association
- Marin County Employees’ Retirement Association (MCERA)
- Iowa Public Employees’ Retirement System
- New Mexico Educational Retirement Board
- San Jose Federated City Employees Retirement System
- San Diego County Employees’ Retirement Association
- Teachers’ Retirement System of the City of New York
- Alameda County Employees’ Retirement Association (ACERA)
- Colorado Public Employees’ Retirement Association
- Los Angeles Fire & Police Pension System
- Kent County Council Superannuation Fund
- Teachers’ Retirement System of the State of Illinois
- New Hampshire Retirement System
- State Teachers Retirement System of Ohio
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