The software-focused growth equity manager says its exits are primarily to other PE funds.
Endowments with over $1bn in assets invest and benefit the most from exposure to private funds.
The $61.3bn system is overallocated to private equity by 5% as the denominator effect rears its head once again.
'We have observed...that some of our highest performing private equity vintage years originate during volatile times like this,' CIO Michael Trotsky said.
The $10bn system set a 5% target for its new private equity portfolio, with 75% of that intended for secondaries.
The size of each of the $75.7bn system’s commitments over the past quarter were lower than usual. Continuing this trend could result in Alaska losing LPAC seats.
Alameda County is scheduling a pacing plan to reach its 11% target.
Alaska CIO Marcus Frampton has been an outspoken skeptic on the asset class in recent months, expressing concerns about manager valuations and governance.
IMCO disbursed more than C$2.5bn ($1.9bn) to fund and direct investments last year, up 9% from 2021, Craig Ferguson, managing director, private equity, told Buyouts.
In a rare move, Callan says adding private equity to its portfolio would not significantly improve returns over the next decade.