LACERA will be allowed to commit up to 35% of its private equity allocation to secondaries or co-investments, and up to 20% of the allocation to funds of funds.
The firm disclosed the launch of its concentrated deal-focused GP-led strategy in May.
Pennsylvania Public School Employees’ Retirement System's sale included stakes in funds managed by New Mountain Capital, Apollo Global Management and Platinum Equity.
But it’s still a tough market for new GPs, given continued fierce competition for scarce investment capital.
The Canadian province’s legislature, led by premier Danielle Smith, dismissed AIMCo’s CEO, Evan Siddall, along with three other board members last Thursday.
Markets of interest include the UK, DACH and the Nordics, Allen Waldrop, deputy CIO for private markets, tells PEI.
'The private equity industry continues to face challenges around realizations,' CEO Bobby Le Blanc said in a Q3 earnings call. 'So, I’m particularly proud of what our teams were able to accomplish on this front.'
The sale comprised 13 fund investments, eight of which held vintages of 2013 or earlier, with the funds offloaded for an adjusted purchase price of $737.1m, according to documents seen by Buyouts.
One measure of this sentiment is seen in the recent close of KKR’s debut mid-market product, Ascendant Fund, at an oversubscribed $4.6bn, despite rocky fundraising conditions.
The US presidential election result drew an ‘unexpectedly strong’ reaction from the market, according to chief executive Harvey Schwartz.