The Texas Teachers’ Retirement System has committed $6bn to KKR and Apollo to invest across strategies – specialist managers are missing out.
An extension restricted to in-progress deals can be a middle ground for LPs wary of extending a fund’s life. Michael Queen-led 3i is using this strategy.
UK-listed 3i attempted to placate investors by announcing a substantially increased dividend during its half year results presentation Thursday morning, as it revealed its portfolio had fallen in value by £523m.
Two conflicting studies shed light on how GPs are absorbing the spate of new regulatory changes headed their way.
A slow fundraising environment, as well as uncertainty around Wilbur Ross’ future role, has led to hesitation among some investors to commit to the firm's fifth fund, according to sources.
The Los Angeles-based firm will now share 100% of transaction fees on its sixth fund with LPs, up from 80%. Leonard Green has also strengthened LP clawback provisions and changed the carried interest distribution scheme on the fund.
Joncarlo Mark, a veteran limited partner, will work with institutional investors on dealing with legacy private equity assets as they work to manage their portfolios.
The intense shuffling of US public pension investment officials has continued with Ron Schmitz, the long-time CIO of the Oregon State Treasury, leaving for the Virginia Retirement System.
The $23bn Employees Retirement System of Texas will look for opportunities to invest alongside GPs in its portfolio as a way of slashing fee and carry expenses.
Portfolio company fees such as monitoring and transaction fees serve to increase the total amount of management fees GPs collect and may increase misalignment of interests, according to a recent study.