unquote" LP and secondaries round-up

The unquote" data research teams routinely uncover timely information about institutional investors and their investment strategies, and official filings detailing secondary transactions.

It has notably emerged that Lancashire County Council Pension Fund has largely brought its private equity investment capacity in-house, having previously used Capital Dynamics to manage their investments, and has increased its private equity allocation to 7.5% from 5%. This increase means commitments will roughly double per annum over a 10-year period, and will likely be between £150-200m per year. In the near-term, its overall strategy is to commit larger tickets to fewer GPs, but it is seeking more risk adverse positions, as it sees the market as expensive. Government proposals to merge with other public sector pension fund bodies would increase assets under management to more than £40bn, and mean that the pension fund would need to consider much larger funds.

Meanwhile, Wilshire Associates is currently raising a new fund-of-funds. The asset manager's 16th offering is expected to hold a first close in the coming months. Wilshire's previous funds-of-funds have been buyout-focused, with approximately 40% of exposure to venture capital and other strategies. Half of previous investments have been made in Europe, with the remainder split across North America and Asia, and a quarter of fund investments have been made with debut fund managers. The firm is currently accepting proposals from potential fund managers.

LP news in brief

UK: Guernsey-based asset manager The Hasnseatic Group plans to make additional commitments to private equity in the coming year.

US: The Michigan Department of Treasury is looking to increase its allocation to private equity from 15.8% at end Q2 2016, to 18% at end Q3 2017. This translates to an extra $1.3bn committed to the asset class in the next year.

Benelux: Belgian government-backed investor Participatie Maatschappij Vlaanderen (PMV) is aiming to commit a further €30m to Flanders-focused private equity funds over the next year.

DACH: Swiss investment company Castle Private Equity is looking to appoint new fund managers, as well as make additional commitments to the asset class.

Asia: The Government of Singapore Investment Corporation has increased its target private equity allocation to 11-15%. The sovereign wealth fund currently allocates 9% to the asset class.

A selection of institutional investors currently accepting fund proposals: BNP Paribas Fortis, Circle Eleven, Wüstenrot & Württembergische, Marcard Stein & Co.

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