Justin Mitchell
Just as many other LPs appear more interested in PE than ever, this $11.9bn pension is cutting down its allocation to the asset class.
Staff also says there are likely to be secondaries opportunities once Q2 valuations come in.
CEO Richard Hurowitz says the idea for a vehicle backed by family office investors and working on a deal-by-deal basis with top private equity funds "developed organically."
The largest US pension announced plans to get back into coinvesting last year after pausing its program since 2016.
The firm's 14th flagship and third mid-market fund also have American-style waterfall distribution plans.
The US's biggest public pension is planning to leverage as much as $80bn of its assets in order to take positions in riskier asset classes.
Sung Won Sohn said private equity-backed companies' lack of easy liquidity could mean they will not perform as well as public companies.
Commissioner Nilza Serrano asked Aksia TorreyCove for more information about why the $17bn fund's small buyouts program appears to perform worse than medium or large buyouts.
Fann said private equity has many advantages other investment types lack as the coronavirus crisis plays out.
Jeffrey Goldberger told the $17.2bn pension that PE managers told TorreyCove their holdings declined an average of 10 percent in value in Q1.