Sam Sutton
Public pensions like CalSTRS are scrambling to find the right bonus structure to retain talent.
The Santa Barbara County Employees’ Retirement System allocated $50 million across six private equity and venture capital funds in 2014, with a final commitment to an undisclosed fund “in the final stages of the diligence process,” according to a Hamilton Lane report the retirement system sent to Buyouts.
The South Carolina Retirement System Investment Commission committed more than $165 million across two private equity funds at its Nov. 20 meeting, spokesman Danny Varat said.
The Teachers’ Retirement System of the State of Illinois and State Universities Retirement System of Illinois will not follow the Illinois State Board of Investment’s lead in reviewing their investment managers’ political contributions for possible conflicts of interest, spokespeople said.
Excess demand for top-performing private equity managers has pushed the balance of power back in the direction of general partners, limited partners tell Buyouts.
With the drop in oil prices, some limited partners are questioning the wisdom of committing long-term capital to strategies that depend on the value of a volatile commodity.
Siris Capital expects to secure 85 percent of the commitments to its latest flagship fund in a December first close, with a final close planned for January, according to Los Angeles County Employees Retirement Association documents.
1Crestview Partners expects to hold a final close on its third flagship fund in January, according to South Carolina Retirement System Investment Commission documents.
New Jersey State Investment Council chairman Robert Grady stepped down from his role following the council’s Nov. 19 meeting. The former Carlyle Group executive chaired the council during a four year period that featured a surge in the value of its private equity portfolio.
The University of Michigan Board of Regents re-upped with Roark Capital Group, committing $40 million to its fourth flagship fund, according to Nov. 20 meeting materials.