The $234.2bn pension is mulling a possible change to its private equity allocation, as the twin forces of sinking assets under management and shrinking distributions have combined for an overweighted alternatives exposure.
3 min read · 12 January 2013
Fortress' and Blackstone’s second quarter earnings results offer a glimpse into how firms are responding to a slowing fundraising pace, writes Matt Levin.
2 min read · 12 January 2013
The Washington DC-based firm will provide growth equity to Three Seasons Capital-backed Vehicle Production Group, which has created a car for individuals with mobility problems, as well as taxis and other specialty markets. In related news, Perseus has likely lost out on its bid for bankrupt Frontier Airlines.
2 min read · 12 January 2013
The Los Angeles-based private equity real estate firm spent one month raising capital for its distressed credit fund, raising a total of $900m from existing investors. The fund is expected to invest in distressed property debt and operating companies with strong real estate components.
2 min read · 12 January 2013
Starting out as a management consultant at Bain & Company, Thomas Dorr went on to spend 14 years at Weyerhaeuser, the Washington State-based pulp and paper company. Having originally intended to be a general manager at the firm, Dorr was invited to join the company's innovative pension arm. According to Dorr, the pension was delivering ?dramatic outperformance? with its pure alternative assets allocation, including hedge funds, private equity and opportunistic real estate. The Weyerhaeuser team moved to Morgan Stanley in 2000 with Dorr becoming CIO for the private equity fund of funds team. With his senior team, he has since been focusing on building a private equity fund of funds operation with a global mandate investing half of its capital inside North America and half outside in small to mid cap buyouts, venture capital and special situations. Since Dorr joined, his team has raised the Morgan Stanley Private Market Fund (PMF) I ($309 million, 2000); PMF II ($500 million, 2004); PMF III ($1 billion, 2006); and the Global Distressed Opportunities Fund ($500 million, 2006).
3 min read · 12 January 2013
Many general partners' recent letters to investors have sought to reassure that, despite market turbulence, current portfolios remain healthy overall and investment capabilities credible. Several firms' founders have also offered perspectives on general economic conditions. Private Equity International here provides excerpts of five “Dear LP” letters issued during the first quarter.
5 min read · 12 January 2013
Established in 1972, and responsible for private equity's first-ever fund of funds, Adams Street Partners is not the kind of organisation to flee in fright when a market downturn looms over the horizon. Andy Thomson and Philip Borel met with Bon French and Hanneke Smits in London to find out more about the firm's history, its take on current conditions and its broad-mindedness when it comes to manager selection.
9 min read · 12 January 2013
The Canada Pension Plan Investment Board moves very large sums of money in and out of private equity. Direct investment is a key component of its strategy finds Philip Borel.
5 min read · 12 January 2013
Having listed on the London Stock Exchange in May, Kuwait's Global Investment House has now opted to raise a new fund there as well.
8 min read · 12 January 2013
Investor support for private equity fund managers continues to rise, in spite of concerns that some are not sticking to the agreed script.
6 min read · 12 January 2013
