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.
As part of the process, the firm is letting go of some staff, including managing directors Helen Chiang and Loren Easton, who have moved into senior adviser roles.
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.
GP-led deal volume reached an estimated $28bn in the first half, a 56% increase from the same period last year, according to Jefferies’ first-half volume report.
Transfer agreements are seen as a $100,000 'copy and paste job' by some and 'complex legal contracts' that law firms are losing money on by others.
After exiting an early childhood education provider and acquiring another one, Avathon Capital makes a foray into professional learning with the purchase of a healthcare education provider.
Despite a post-covid dip, private equity’s appetite for the sector is strong, with technology driving the bulk of interest.
During discussions, the treasury committee said it would target GP-led secondaries deals.
Instead of a flood of LPs backing away from the asset class, there appears to be some tactical maneuvering to help institutional portfolios stay in balance.
LP overallocation has been a key factor in slow private equity fundraising over the past two and a half years.