Dietrich Knauth
Why this is important: State was in the top decile of public retirement plans for investment performance during the 17 years ended June 30, 2017. AUM: $104 bln pension plus $30 bln in other assets Heidrick & Struggles recruiting Bruebaker successor Gary Bruebaker, who has been Washington State Investment Board’s CIO since 2001, will retire at […]
Bruebaker will retire in December State has 23 pct target allocation to PE State pensions had top-decile returns from 2001-2017 Gary Bruebaker, who has been Washington State Investment Board’s CIO since 2001, will retire at year-end after 18 years. WSIB, which manages $104 billion in state pension funds and about $30 billion in other assets, […]
Target for PE pledges $1.45 bln, up from $1 bln Recently made two large commitments to LGT LGT pledges went to strategies in secondaries, Asia Texas Employees’ Retirement System bumped its private equity pacing target to $1.45 billion for 2019 to make room for large commitments approved in March. Texas ERS, which has $28.2 billion […]
41 pct of investors are very concerned or extremely concerned about competition for deals LPs want to concentrate their PE relationships, while GPs want more diversification Two-thirds of respondents expect a downturn in the next year or two A majority of PE investors expect returns in the asset class to decline in coming years, and […]
Independent sponsors are a source of deal flow for LPs with co-investment experience Doing deals as an independent sponsor can be a proving ground for aspiring GPs Aberdeen often commits 30-50 pct of its PE funds to emerging managers Whit Matthews is a senior investment director at Aberdeen Standard Investments. He spoke with Buyouts about […]
Makena Capital is a perpetual-capital manager that commits about $600 million a year to PE. Buyouts spoke with Managing Director Brian Rodde, who oversees portfolio management and manager selection in buyouts and VC, about first-time fund commitments. Some LPs, pensions in particular, try to mitigate the downside risk of first-time funds by committing lower amounts […]
Spending millions to get billions is shortsighted: Monk Credit to CalPERS for thinking of different PE approaches Emerging manager programs help, don’t go far enough Stanford University Professor Ashby Monk advises pensions on innovative approaches to PE. He spoke with Buyouts about the dangers of pension fund complacency toward high PE fees. 1. You recently took to […]
Why this is important: Largest U.S. public pension in June will present board with new co-invest strategy California Public Employees’ Retirement System in June will present the board with a new co-investment strategy, including a new method for vetting co-investment opportunities and deciding how active to be on a deal, according to CIO Ben Meng. CalPERS […]
CalPERS stopped co-investing in 2016 Developing new approach to vetting co-investments and deciding when to lead deals Recently hired a new managing director for PE California Public Employees’ Retirement System in June will present the board with a new co-investment strategy, including a new method for vetting co-investment opportunities and deciding how active to be on […]
Why this is important: CalPERS fills key position that had been vacant for two years California Public Employees Retirement System hired an executive from Altamont Capital Partners to lead its private equity program, a post that had been vacant for more than two years. Greg Ruiz is the new managing director, CIO Ben Meng said at the May 13 investment committee […]