Marine Cole
Co-founder Leon Black said the vehicle is a work in progress and one of several projects to augment permanent or long-term capital at the firm.
Almost all funds the corporate pension invests in have the ability to use a subscription line of credit, according to UPS portfolio manager Brady Hyde.
Multi-strategy managers are vying for SMA money, with KKR reportedly in line to land a $3bn whopper.
.jpg "Apollo shares boost CalPERS’ PE portfolio")
Apollo’s stock, which falls under the growth and expansion strategy in the pension plan’s private equity portfolio, grew nearly 75% in the year ended 30 June.
.jpg "Deal valuations reach new highs in H1")
The average multiple was inflated by buyouts of $1bn and above, and by consumer and tech transactions.
Some board members asked whether it is reducing the investment opportunity set by consolidating its roster of managers.
The latest record fundraising figures across alternative asset classes show CIOs continue to see private investments, and not just private equity, as the most compelling in the long term.
Jeff Johnston and Mike Mascia of the Fund Finance Association explain why subscription-line facilities are on the rise.
Bain bought children’s retailer Gymboree in 2010 out of its tenth vehicle, which as of 30 September recognised a 7.69% net IRR.
The fund, which targets longer-dated private market opportunities that don’t fit in its flagship fund, is nearing the halfway mark toward its $750m target.
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