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.

Recent noteworthy findings include Railways Pension Scheme rethinking its approach to private equity, shifting focus towards co-investments and away from backing funds in an effort to boost returns.

A source close to the matter stated that the fund is moving away from having a set allocation to the asset class, to investing on a more opportunistic basis with a focus on co-investing with GPs providing preferential terms.

This is dictated by market conditions, with high exit valuations and the record amount of dry powder to be deployed meaning the LP anticipates a difficult period for fund managers to source good value deals and generate the level of returns seen previously.

Railpen has successfully rolled out this strategy in the US, and is currently in the process of implementing it in Europe. This movement away from fund investments is reflected in the fact that the LP backed just one fund in 2016.

LP News in Brief

France: Mantra, a French fund-of-funds manager, is planning to launch a new fund-of-funds in 2017.

UK: Nationwide Building Society Pension Fund is looking to commit a further €150m to private equity in 2017.

DACH: German fund-of-funds manager Solutio AG plans to raise its ninth fund-of-funds in 2017, which will have a hard cap of around €600m and will be looking to deploy around half of this by 2019.

Benelux: pension administrator Timeos plans to make additional contributions to private equity in 2017, and is considering proposals from new fund managers.

Israel: Mirvahim Investment House has plans to make additional commitments to private equity funds over the course of next 12 months. The asset manager is accepting fund proposals from prospective managers.

A selection of institutional investors currently accepting fund proposals:
Church Commissioners, APK Pensionskasse, The London Borough of Hillingdon Pension Fund, Pensionskassernes Administration (PKA), Delman

Secondaries News in Brief

Hollyport Capital has continued to acquire Partners Group contributions to mature funds, buying €3.6m in the 2006-vintage Argan Capital, along with a £9m stake in ECI 8, a £255m fund which closed in 2005.

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