Gregory Roth
You were tapped to lead AIG at the height of the financial crisis. What was the result? It was extraordinarily complex. When you’re in Washington at that level and in those very difficult circumstances, it’s really hard to make sense of the place. People ask me whether I’d do it again, and just to show […]
Organization: The Investment Fund for Foundations Fund: TIFF Special Opportunities Fund Amount Raised: $30 Million Assets Under Management: $9.5 Billion Private Equity Assets Managed: >$2 Billion The Investment Fund for Foundations, or TIFF, a non-profit investment manager that manages more than $9.5 billion for more than 800 institutions such as Barnard College, the American Museum […]
Following on the heels of AXA Private Equity’s June announcement that it raised the largest secondary fund ever with $7.1 billion in pledges, the company announced that it had bought $850 million in private equity investments from the Ontario Municipal Employees Retirement System. AXA Private Equity now manages around $20 billion in secondary assets, including more than 800 fund positions.
In a bid to further scale up its private equity presence, BlackRock Inc., the world’s largest asset manager with $3.7 trillion under management, said that it planned to buy the private equity fund of funds unit of reinsurer Swiss Re. That unit, Swiss Re Private Equity Partners, managed about $7.5 billion in private equity commitments as of May. The combined group, BlackRock Private Equity Partners, will manage about $14 billion in private equity funds of funds.
As part of a long-anticipated consolidation of the private equity funds of funds industry, Boston-based HarbourVest Partners and its affiliates have agreed to pay $1.4 billion to acquire the private equity assets of Conversus Capital, which is the world’s largest publicly listed fund of funds manager. As a result of the deal, Conversus will wind up operations and its staff will resign.
Despite seismic euro zone fears during the second quarter, private equity fundraising in the U.S. had its strongest period since the third quarter of 2008, the same period that rocked financial markets with the implosion of Lehman Brothers and helped trigger global financial turmoil that the world’s economy has not yet exited.
The $85 billion Washington State Investment Board continued its push into global private equity markets at its June board meeting, contributing $800 million, or $400 million each to two funds, one the latest flagship fund from Advent International and the other from Nordic Capital, which invests mainly in Scandinavia and nearby areas.
Proving that the hiring process at public pensions can sometimes be very s-l-o-w, the $10.4 billion Los Angeles City Employees’ Retirement System named Rodney June as its chief investment officer, replacing Daniel Gallagher, who retired two years ago, in June 2010.
In a move that runs starkly against the trend at most public pensions, the $24 billion Pennsylvania State Employees’ Retirement System has decided to shrink its allocation to private equity by nearly half, to just 16 percent from its current 30 percent allocation.
1. You have a separate account business at Siguler Guff. Separate accounts seem to be getting a lot of attention from LPs. How and when do they make sense? We do separate accounts when somebody wants to do something that we have an expertise in that is different from what we’re doing in a core […]