Impact Engine targets $100 mln for debut PE fund, raises capital from family officesPosted: 09/25/2018 |
Subscription Required Impact Engine, an investor in early-stage and Series A impact ventures, is raising its first hybrid PE fund, targeting $100 million. The fund will invest in emerging PE funds and make direct investments. Impact’s debut impact-focused PE fund has already raised $10 million, primarily from family offices, a source familiar with the company said. Impact […] | | Read more... | |
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MIT’s endowment closes accelerator fund at $204.5 mlnPosted: 09/24/2018 |
Subscription Required The Engine Accelerator, Massachusetts Institute of Technology’s first fund for so-called tough tech, closed at $205.2 million, exceeding its target of $150 million, according to a report from the school’s treasurer for the year ended June 30, 2018. MIT contributed $25 million to the fund, which had its first close at $150 million in 2017. […] | | Read more... | |
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CalPERS names Ben Meng CIOPosted: 09/24/2018 |
Subscription Required California Public Employees’ Retirement System named Ben Meng chief investment officer, succeeding CIO Ted Eliopoulos. Meng, 48, has been deputy CIO at China’s State Administration of Foreign Exchange for three years. He previously worked a seven-year stint at CalPERS. In that earlier tenure, he served as investment director of asset allocation, and was previously a portfolio manager […] | | Read more... | |
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Baltimore’s Fire & Police pension’s direct fund investments boost PE performancePosted: 09/21/2018 |
Subscription Required Baltimore Fire & Police Employees’ Retirement System’s strategy of investing directly in private equity funds is generating strong performance, a presentation by its investment adviser, Summit Strategies Group, said. The pension system began investing in PE in 2005, and the PE portfolio construction has shifted significantly in the past two years. Baltimore’s F&P pension system started committing directly to […] | | Read more... | |
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Pennsylvania pensions push back on claims of underreported PE feesPosted: 09/21/2018 |
Subscription Required Pennsylvania Public School Employees’ Retirement System and Pennsylvania State Employees’ Retirement System may have paid almost three times the reported fees to their private equity general partners. The two pension systems paid almost $6 billion in PE fees in the past 10 years, with only $2.2 billion reported, said Ludovic Phalippou, assistant professor of finance at Oxford University. The systems had […] | | Read more... | |
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West Monroe enters the fray for PE co-investmentsPosted: 09/20/2018 |
Subscription Required West Monroe Partners, a business and consulting firm, has established a co-investment group that will join transactions with its private equity clients. The effort is being led by Chris Darragh, vice-president at West Monroe, and managing partner Brian Jacobsen, who joined in June from Grand Crossing Capital. Grand Crossing is the investment company of the family […] | | Read more... | |
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PA SERS approves PE commitments despite governor’s requestPosted: 09/19/2018 |
Subscription Required Pennsylvania State Employees’ Retirement System appeared to defy the governor’s wishes for the state’s two public pension funds to halt high-management-fee investments while a committee studies the costs of the system’s investment programs. Earlier this month, the board of the state’s public-workers pension approved $175 million in commitments across three funds: $75 million to Vista Equity PartnersFund […] | | Read more... | |
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Baltimore’s Fire & Police pension backs Vista Equity, reviews its fee structurePosted: 09/19/2018 |
Subscription Required Fire & Police Employees’ Retirement System of Baltimore committed $16 million to Vista Equity Partners’s seventh fund targeting $12 billion at its Sept. 18 meeting. Software-focused Vista Equity already closed on around $10 billion, according to a presentation by Summit Strategies Group that advises the Baltimore pension system. Summit estimated Fund VII’s hard cap at […] | | Read more... | |
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LPs seek help ensuring they aren’t overpaying for PEPosted: 09/18/2018 |
Subscription Required New Mexico State Investment Council and California State Teachers’ Retirement System are working through the process of tracking private equity fees and expenses to ensure they aren’t overpaying for their programs. The two systems are working with consultant Colmore, which was established in 2017 when it spun out of Capital Dynamics. Colmore is led by Ben […] | | Read more... | |
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San Diego City pension lifts three-year PE pacing targetPosted: 09/18/2018 |
Subscription Required San Diego City Employees’ Retirement System plans to commit $550 million to private equity over the next three years through its separate account with GCM Grosvenor, nearly half again as much as last year’s target of $375 million. SDCERS’s board at its Sept. 14 meeting approved a PE-pacing plan for GCM Grosvenor, which manages half the system’s […] | | Read more... | |
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