In the last year and a half, the Massachusetts Pension Reserves Investment Management Board, better known as MassPRIM, has grappled with a stream of exits among its senior investment team.
From our June 2012 conference, a group of family office managers discuss issues facing these investors as they consider the private equity asset class.
The Florida State Board of Administration, which oversees $154 billion in pension and emergency funds, committed $700 million to five private equity, infrastructure and opportunistic debt funds during the third quarter of 2012, according to spokesman John Kuczwanski.
Following a surge of interest from several large pension systems, Global Infrastructure Partners closed on the biggest infrastructure fund in history, Global Infrastructure Partners II LP, having secured $8.25 billion in commitments. The close was far above the fund’s initial $5 billion target and signals a growing interest in infrastructure assets, in large part because the value of such investments are usually less impacted by economic shocks and volatile equity markets.
Under pressure to boost economic activity at home, state pension plans have increasingly been drawing up plans for in-state private equity programs to make sure that pension capital is invested in the local economy. The latest state pension to make plans for such a program is the $26 billion Indiana Public Retirement System, which announced that it was planning to launch a $150 million separate account to invest in in-state private equity funds as well as investing directly in Indiana companies.
Michael Trotsky formally added the role of chief investment officer to his responsibilities at the $49 billion Massachusetts Pension Reserves Investment Management Board, where he already serves as executive director. MassPRIM’s board formally approved the appointment after the state’s treasurer, Steve Grossman, suggested that he take the role to help jump start hiring at the pension following a slew of departures.
While all for aligning their interests with those of limited partners, buyout pros will have to hope that the exceptionally LP-friendly partnership terms offered by Public Pension Capital Management don’t spread too broadly. Then again, most funds don’t present investors with quite the risks that this particular debut offering does.
Domestic buyout funds with vintages ranging from 1984 to 2005 account for four of the top performers in the private equity portfolio of the $49.2 billion Massachusetts Pension Reserves Investment Management Board (PRIM), according to its most recent IRR report as of December 31. The top ten also features three more buyouts funds focused on […]
1. What makes Corinthian Capital, a lower-mid-market buyout firm, stand out? We focus mainly on entrepreneur-owned or family businesses, rather than corporate spin-outs. We also have a team that’s been working together since 1986, and they have focused exclusively on lower-middle market buyouts, so we haven’t had any style drift. A lot of folks who got […]
Gathering speed, the U.S. private equity industry is on a course to notch its fourth-best fundraising year in history.