Portfolio Advisors, a Darien, Conn.-based fund of funds manager, reached a $1.1 billion close on its latest flagship vehicle, Portfolio Advisors Private Equity Fund VII LP, according to Paul Crotty, a managing director at the firm. The new fund surpassed its original $1 billion target, and came two years after its predecessor, Fund VI, also attracted $1.1 billion in commitments.
The University of Pennsylvania tapped Peter Ammon, a colleague of legendary Yale University endowment chief David Swensen, as its next chief investment officer. Ammon, who is 36 years old, has been at Yale for eight years. His new job is set to begin July 1, the first day of the university’s 2014 fiscal year.
The New York City Retirement Systems, the $127 billion group of municipal pensions overseen by the city comptroller’s office, made an impressive $1.1 billion in commitments to five private equity funds in the first quarter, according to Stephanie Hoo, a senior press officer. The funds are managed by The Carlyle Group, Platinum Equity, Landmark Partners, Neuberger Berman and ACON Investments.
The Florida State Board of Administration, which manages $163 billion in retirement and emergency funds, committed $665 million across four private equity-related strategies, including buyouts, venture capital, mezzanine and distressed real estate debt, according to John Kuczwanski, a board spokesman. All four commitments were made from Florida’s main $132 billion pension fund.
1. Your group at Neuberger Berman manages more than $15 billion in private-equity assets, including funds of funds, secondary funds and co-investment funds. You just closed your second co-investment fund with $1.1 billion. How would you characterize the appetite for co-investments by institutional investors? The appetite for co-investments is quite high today. It has to […]
Despite typical first-quarter sluggishness, positive signs abound for fundraising for the rest of 2013. Among them are distributions outpacing capital calls, a strengthening economy, a bull market for stocks, and the launching of a number of brand-name funds. In addition, more money from retail investors could start finding its way into the asset class.
A key person at Texas Teachers’ Retirement System in charge of its much-discussed separate accounts with Kohlberg Kravis Roberts & Co. and Apollo Global Management has stepped down to join the private sector.
1. Your office manages $12.8 billion, including $1.3 billion in private equity. Does your size affect the decisions about which funds to invest in and the size of the checks you write? After a certain size, it’s the color of the chips that determines how you play the game, not the amount of money you […]
Up until recently, admission to the exclusive private equity club was limited to pension funds, endowments and the world’s richest families. But in March, The Carlyle Group announced it planned to lower its minimum commitment to a fund to as little as $50,000. The question for investors is: Now that you have greater access, do you want in?
AXA Private Equity, the private equity unit of the giant French insurance company, has formally issued a plan to spin out from its parent company, AXA Group. The management-led spinout would value the company at around $660 million. If the deal closes, which the firm estimates will happen by the fourth quarter, the new company will ultimately change its name, and its employees will own a sizable stake in the new enterprise.