The expanded focus would include co-investments in private real assets, private income strategies and unique strategies.
Continuim focuses on acquiring lower mid-market manufacturing and industrial companies, mostly located in the US Midwest and Mid-Atlantic regions.
The firm was best positioned to know the asset well, which helped inform its ability to set an appropriate price, Kian managing partner Kevin McCarthy said in an interview.
Hull Street Energy was founded in 2014 by managing partner Sarah Wright, who previously held senior roles at ECP and Goldman Sachs.
'This is the best time ever for investing – and yet it’s hard to get capital,' Ryan Hinkle, managing director of Insight Partners, told Buyouts.
The decision comes as part of ERS Texas’ continued commitment to the private equity asset class, bumping its fiscal year 2024 target up $50m from last year’s $600m targeted commitment.
Big step-ups in Adams Street’s recent fund sizes may be due to greater LP appetite for co-investing as a way to build private equity exposure on a no-fee, no-carried interest basis.
Despite the increased target, the pension system's private equity allocation remains overweight by 1.8%.
The target amount sought for Long Term Private Capital II could change, Private Equity International understands.
The new flagship offering's target size is 12% larger than Fund IX, closed in 2021 at $5.6bn.