Subscription Required

Baltimore Fire & Police Employees’ Retirement System’s strategy of investing directly in private equity funds is generating strong performance, a presentation by its investment adviser, Summit Strategies Group, said. The pension system began investing in PE in 2005, and the PE portfolio construction has shifted significantly in the past two years. Baltimore’s F&P pension system started committing directly to […]

Subscription Required

Pennsylvania Public School Employees’ Retirement System and Pennsylvania State Employees’ Retirement System may have paid almost three times the reported fees to their private equity general partners. The two pension systems paid almost $6 billion in PE fees in the past 10 years, with only $2.2 billion reported, said Ludovic Phalippou, assistant professor of finance at Oxford University. The systems had […]

Subscription Required

West Monroe Partners, a business and consulting firm, has established a co-investment group that will join transactions with its private equity clients. The effort is being led by Chris Darragh, vice-president at West Monroe, and managing partner Brian Jacobsen, who joined in June from Grand Crossing Capital. Grand Crossing is the investment company of the family […]

Subscription Required

Pennsylvania State Employees’ Retirement System appeared to defy the governor’s wishes for the state’s two public pension funds to halt high-management-fee investments while a committee studies the costs of the system’s investment programs. Earlier this month, the board of the state’s public-workers pension approved $175 million in commitments across three funds: $75 million to Vista Equity PartnersFund […]

Subscription Required

Fire & Police Employees’ Retirement System of Baltimore committed $16 million to Vista Equity Partners’s seventh fund targeting $12 billion at its Sept. 18 meeting. Software-focused Vista Equity already closed on around $10 billion, according to a presentation by Summit Strategies Group that advises the Baltimore pension system. Summit estimated Fund VII’s hard cap at […]

Subscription Required

New Mexico State Investment Council and California State Teachers’ Retirement System are working through the process of tracking private equity fees and expenses to ensure they aren’t overpaying for their programs. The two systems are working with consultant Colmore, which was established in 2017 when it spun out of Capital Dynamics. Colmore is led by Ben […]

Subscription Required

San Diego City Employees’ Retirement System plans to commit $550 million to private equity over the next three years through its separate account with GCM Grosvenor, nearly half again as much as last year’s target of $375 million. SDCERS’s board at its Sept. 14 meeting approved a PE-pacing plan for GCM Grosvenor, which manages half the system’s […]

Subscription Required

John “Jay” Jordan’s family office has changed its strategy to focus on private equity, venture and real estate. Chief Investment Officer Clay Drury is also leaving the family office, multiple sources confirmed. Jordan founded the middle-market PE firm Jordan Co in 1982. The PE firm buys and invests in middle-market companies with enterprise values between $100 […]

Subscription Required

When Lloyd Capital Partners & Phi Group co-invested in Turning Earth, a food composting company, it didn’t anticipate the challenge of follow-on investing to continue growing the company, said Joshua Roach, chief investment officer of the family office. Lloyd Capital, which invests the fortune of Chicago-based Lloyd family that owned the Chicago Tribune before it went public in […]

Subscription Required

Jay Haladay may have officially retired, but he continues to direct investments and strategies of his 10Branch family office in early-stage technology, real estate and wineries. Haladay, who started his career with IBM, founded Viewpoint Construction Software in 1990. Viewpoint’s software helped construction contractors run their businesses and manage large projects. The company grew revenue to $85 million in 2013 from […]