The system has one of the nation’s oldest emerging manager programs.
Acquisitions and exits have started to recoup, according to the system's deputy CIO.
The firm specializes in mid-market industrial and business services companies.
The system’s current allocation to PE is well above its target, and it has reduced commitments as a result.
Reduced distributions may impede how much institutional investors may commit to PE.
The system hopes to regain its cashflow positive status.
The system is a case study of the current LP environment as its overallocated and cashflow negative.
“Everyone expected a recession that’s not here yet,” said a representative of StepStone, the system’s PE consultant.
The system’s positive returns reflect the benefits of well-diversified, mature portfolios.
The FTC’s proposed changes to pre-merger filing requirements would mandate the disclosure of certain LPs and may add significant costs to returns.