unquote" LP and secondaries round-up

Gareth Morgan
28 October 2016

Tweet
Facebook
LinkedIn
Google plus
Send to

LPs in the US and Europe commit more to private equity; Ardian buys LP stakes in Bridgepoint Europe III; and much more feature in this unquote" round-up of LP and secondaries news

The unquote" data research teams routinely uncover timely and pertinent information about institutional investors and their investment strategies, and official filings detailing secondary transactions. This roundup captures some highlights from recent research, and features intelligence on pension funds in The Netherlands, the Nordic region and Switzerland, secondary activity from Calpers, and the Pennsylvania State Employees Retirement System, which manages $26.7bn of investments.

LP News
United States:
Pennsylvania State Employees Retirement System has approved additional annual commitments of $250m to private equity investments, meaning the fund will now invest $750m a year. The pension fund implemented the increase to bring investments in the asset class closer to its 16% target. At Q2 2016, the fund allocated 9.5% of its portfolio to private equity.

Meanwhile, following a review of its private equity portfolio, the Kentucky Retirement System is increasing its target annual commitment to $220m, having committed an average of $142m a year for the past five years. The pension fund is also considering additional global exposure in an effort to boost returns.

Nordic:
Icelandic General Pension Fund is planning to make additional commitments to private equity over the next 12 months, increasing its allocation from a current 3.5%, toward its 5% target.

Sixth Swedish National Pension Fund (AP6) is looking to allocate additional commitments with new fund managers over the next 6-12 months.

Having increased its allocation to alternative assets from 1% to 4% in 2015, Trondheim Kommunale Pensjonskasse (TKP) plans to make additional commitments to private equity over the next 12 months.

Danish pension fund Lærernes Pension Forsikringsaktieselskab plans to make additional investments in primary funds over the next year.

Lundbeckfonden, a Danish foundation set up to fund scientific research, plans to make additional commitments to private equity over the next 12 months.

Germany:
Stadt Winterthur Pensionskasse will increase its allocation to private equity over the coming months in order to reach its target allocation of 2%. The fund currently invests 0.1% of its portfolio in the asset class.

Benelux:
APG Group, a Dutch asset manager providing services to more than four million Dutch pension fund members, plans to make additional commitments to private equity over the next 12 months.

Dutch asset manager MN Services plans to invest around €1.5bn in private equity in the coming year.

Southern Europe:
Greek sovereign fund-of-funds manager Taneo is looking to launch a new fund-of-funds in 2017, continuing the managers strategy of investing in funds focused on Greek SMEs.

Secondaries News
Ardian has acquired 10 separate commitments to Bridgepoint's €2.5bn Bridgepoint Europe III fund. The French Secondaries specialist purchased more than €65m of LP interests in the 2005-vintage fund from various LPs including Citigroup Pension Fund, New York City Police Department Pension Fund and the State of Wisconsin Investment Board.

California Public Employees Retirement System has sold its stake in ESP Golden Bear Europe Fund, understood to be worth €400m, to four separate investors.

Primapen KGK has continued to acquire parts of Credit Suisse Pension Fund's portfolio, buying £15m stakes in NorthEdge Capital's first and second funds, along with the pension fund's commitments to the €1bn Investindustrial IV and its $10m stake in TA Associates 2009-vintage TA XI fund.

Teachers Retirement System of the State of Illinois has sold its €50m stake in the 2008-vintage PAI Europe V fund to a Partners Group vehicle.

Adveq has sold a €20m commitment to the €500m Investindustrial III fund. The stake in the 2005-vintage fund is now owned by KHP Capital Partners.

The Swiss fund-of-funds manager has also sold a SEK 135m stake in the 2004-vintage Segulah III to secondaries specialist Kline Hill Partners.

Esperia Servizi Fiduciari, a subsidiary of Banca Esperia, has bought Banque Pictet & Cie's €8m stake in the 2005-vintage Investindustrial III.

Luxembourg-based investment firm Supera PE has sold its £4.2m stake in the 2013-vintage Graphite Capital Partners VIII to German family office Cara Investments.