Michael Baruch
The inability of many LPs to execute a co-investment strategy has left GPs frustrated, according to CalPERS’ investment director.
The US's largest public pension deployed $12.3bn to PE last year, its second straight year of $10bn-plus deployment.
The biggest listed alternatives firms have more than $550bn in unspent capital, fueling fiercer competition and higher entry prices.
A frenzied mid-market deal environment is affecting the way GPs are pursuing targets with shorter processes and more upfront spend on due diligence.
The investment firm's president has said it is evaluating opportunities for holding on to existing portfolio companies for longer.