LPs view single-asset continuation fund risk just like co-investments: When a CV asset goes bankrupt, if the restructuring plan calls for equity to be wiped out to make sure creditors are re-paid, that includes CV investors and rolling LPs. (Buyouts)
BCI hires ex-Bedford Funding partner Jon Salon to lead healthcare investing. The hire reflects BCI’s ongoing expansion as a global investor in buyout and growth equity opportunities in six core sectors – including healthcare. (Buyouts)
Texas Municipal Retirement System is betting on private equity. The system approved a boost in its target private equity allocation up to 20 percent, from its current target of 13 percent. (Buyouts)
Vitruvian Partners, one of Europe’s most secretive managers, has raised its largest ever fund and surpassed its €6.5 billion target by almost €1 billion. (Private Equity International)
Canada’s latecomer LP plots deployment of ‘very significant dry powder’: Peter Martin Larsen, formerly of PensionDanmark, is now leading the buildout of Ontario’s University Pension Plan, with a heavy focus on co-investment and inflation protection. (Infrastructure Investor)
Climate Asset Management, a joint venture between HSBC Asset Management and Pollination, has held final closes on its two flagship funds, bringing the total raised across its platform to more than $1 billion. (New Priavte Markets)
Hamilton Lane and StepStone were co-leads in a single-asset deal involving a mathematical optimisation software company. Thompson Street Capital Partners ran the process to move Gurobi Optimization into a continuation vehicle – marking the second time the St Louis firm has tapped the GP-led secondaries market. (Secondaries Investor)
A successful co-investment program can play a key role in a private equity portfolio beating its public benchmark equivalent. On the other hand, such a strategy can invite adverse-selection risk. So says Stephen Gilmore, the new chief investment officer for the California Public Employees’ Retirement System. (Private Equity International)
US-based private equity firm Manna Tree has made a string of senior promotions as it expands its investment and investor relations team. Among several appointments, Tyler Mayoras will step up to become managing director, food and beverage sector, with responsibilities including sourcing new investments. (Agri Investor)
Competition for deals among lenders increased the second quarter, leading to more favourable terms for borrowers, according to Configure Partners’ private credit quarterly report. (Private Debt Investor)
If raising a first-time fund is tough, convincing investors to commit to a sophomore fund is even harder. But emerging manager Z21 Ventures is making it look simple. (Venture Capital Journal)
Brandon Robinson, deputy global head of alternatives at JPMorgan Asset Management, says there is a growing opportunity to invest in transportation, requiring substantial amounts of capital. (Infrastructure Investor)
