Nine months after announcing it would split the role of its consultant into separate gatekeeper and strategist functions, the California State Teachers’ Retirement System has named four gatekeepers and a single finalist for the strategist role to manage its $4.4 billion alternative investment portfolio. Ernst & Young Corporate Finance in Los Angeles, Houlihan Lokey Howard […]
Three months after its investment committee suggested an opportunistic move that would allow the pension fund to commit up to $300 million to distressed debt funds, the California State Teachers’ Retirement System (CalSTRS) made its first move into the sector with a $25 million investment in Angelo, Gordon Capital Recovery Partners III LP. This investment […]
In a move certain to send shockwaves through the VC industry, Kleiner Perkins Caufield & Byers this week sent a letter to its limited partners saying that it plans to reduce the size of its 10th fund from $1 billion to $800 million, according to two industry sources. As part of the arangement, Kleiner will […]
For more on the Kleiner decision — and LP pressure on firms like Accel, Redpoint and Benchmark — check out Monday’s print edition of Private Equity Week. In a move certain to reverberate through the VC industry, Kleiner Perkins Caufield & Byers has informed its limited partners that it will likely call down 20%-25% less […]
Be gone, IRRs! Come June, limited partners will demand a new “cash-in and cash-out” standard for measuring returns on private equity funds. “IRRs are meaningless,” says Richard Hayes, chairman of the newly incorporated Institutional Limited Partners Association (ILPA) and senior investment officer for CalPERS’ alternative investment program. “Although IRRs are an indication of how a […]
Venture capitalists are getting so picky these days that soon they may have to cater to investors with special demands on where or what type of investments are made. The issue came to the forefront recently when the California Public Employees’ Retirement System (CalPERS) announced plans to pull out of four controversial countries. CalPERS, which […]
If you’re trying to raise money from mega fund-of-funds Hamilton Lane, don’t be surprised if you’re asked about bus accidents. “I kind of like to refer to it as the hit-by-the-bus clause,” says Paul Yett, vice president and general manager of venture capital at Hamilton Lane. “The question I ask is: If John Smith gets […]
The California Public Employees’ Retirement System (CalPERS) has taken its investment strategy to a whole new level. Not only did CalPERS, the largest public employee pension fund with over $140 billion in assets, commit $250 million to Yucaipa American Funds> (YAF) – it also invested $35 million into the holding company to take an undisclosed […]
California Public Employees’ Retirement Fund (CalPERS) Chief Investment Officer Daniel Szente announced last week that he would be stepping down from that post effective November 30. Szente’s decision comes on the heels of a legal battle launched last year by California Controller Kathleen Connell, who wants to cut back compensation for CalPERS’ investment portfolio managers. […]
The California Public Employees’ Retirement System (CalPERS) has carved out a $75 million stake in a $250 million private equity fund that is to target Thai companies with pools of growth and expansion capital. The Thailand Equity Fund, co-sponsored by San Francisco-based Lombard Investments Inc. and the World Bank’s International Finance Corp. (IFC), will invest […]