Gregg Gethard
Rhode Island is the latest state to reach its maximum number of commitments halfway through the year.
The denominator effect rears its ugly head as fund’s PE allocation is highly overweight.
Several state pension funds have programs that use their capital to invest in local companies.
Fund made three commitments to start the quarter.
Latest fund’s target eclipses Fund VI’s $3.5bn raise in 2019.
The investment committee earlier questioned the firm’s DEI efforts along with its accuracy in answering related questions.
Many public pension funds are approaching allocation caps as frantic fundraising pace continues.
Diversity has become a flashpoint for board members of many LPs, who believe they can steer managers into paying more than lip service to the topic.
The Tallahassee-based public pension fund starts the year with three private commitments.
Public pensions are contending with the dreaded denominator effect as the value of their public holdings plunges in the volatile markets.