Meier, who oversees assets worth $272bn, believes private equity's fees are 'too high'.
Salon’s hire reflects BCI’s ongoing expansion as a global investor in buyout and growth equity opportunities in six core sectors – including healthcare.
The system approved a boost in its target private equity allocation up to 20%, from its current target of 13%.
While board members initially expressed enthusiasm for a “Plan A” that would increase allocation to private equity assets, concerns were brought forward regarding potential fees and liquidity constraints.
The fund will create a co-investment underwriting program focusing on private equity assets and increase its private equity commitments by 1 percentage point on a yearly basis.
In perhaps the most significant change, OMERS, a pioneer of institutional direct investing, is launching a new global private equity funds strategy.
CERS’s investment committee approved a new plan that would drop the retirement system’s allocation to private equity to 8% from 10%.
The write-down will not impact Alaska Permanent’s private equity strategy, a spokesperson told Buyouts.
The private equity asset's underperformance has created a 'drag' on the overall fund performance over the past year, with the fund’s total return amounting to 6% over that period.
The system set pacing for private equity commitments at a range of $550m-$1.05bn for the next fiscal year, making up a significant portion of its overall target commitment pace of $2.5bn-$4bn.