Miami pension plan backs three PE funds

The commitments were made to Coller International Partners VIII, Lexington Capital Partners IX, and PEG Global Private Equity VIII.

Coller International Partners VIII is a secondary fund, with a target of $9bn. It seeks secondary transactions, targeting global sellers. Investments made by the fund will range from $1m to more than $1bn.

Lexington Capital Partners IX has a $12bn target, and also focuses on secondaries. Its predecessor, LCP VIII, held a final close on its $10.1bn hard-cap in April 2015; the vehicle was 52% invested as of December 2017. It had a mandate to invest in global private equity and other alternative asset secondaries, including portfolio acquisitions.

PEG Global Private Equity VIII is a fund-of-funds programme of JP Morgan. The City of Cincinnati Retirement System also recently committed $40m to this vehicle.

Its predecessor, PEG Global Private Equity VII, invested in buyout, venture, growth and special situation funds globally. It held a final close on $347m in February 2018.

The $1.5bn Trust has invested 4.8% of its portfolio in private equity as of September 2018, versus its 4% target allocation.

FIPO Trust's investment consultant is Milliman.

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• Topics
• LPs
• Coller Capital
• JP Morgan