Christopher Witkowsky

The secondaries market, which has seen record activity levels in the past two years, has enjoyed a busy start to 2013 – especially around the restructuring of ageing private equity funds

The system has taken a beating over the past year from the private equity emerging manager community for what has been perceived as a lack of support. But CalPERS’ actions show the system appears to be as dedicated as ever to incubating new, talented managers, writes Christopher Witkowsky.

Never afraid to speak his mind on fees and fund size, Peter Dolan set the standard for big LPs. The industry awaits his next move with interest.

The Orange County Employees’ Retirement System has published a policy document outlining its plans to push back against fees. The policy gives preference to strong performing managers that offer ‘the most advantageous fee structures’.

Ken Whitney, who joined Blackstone in 1988, has long led the firm’s investor relations function, but also played a key role in helping launch business lines like real estate and corporate debt.

Lamar Villere, head of private equity at Tennessee's state pension, will leave the system in June, having gained unprecedented access to top managers in the downturn.

The public pension committed to Spark Capital, Pine Brook Capital Partners and KKR Asia, and was considering commitments to Highland Capital and Olympus.

The financial institution was an LP backer in the debut fund of its spin-out, CCMP Capital Advisors, which closed on $3.4bn in 2007.

The firms, which acquired Caesars for almost $30bn in 2008, will contribute $250m each to form a venture to pursue growth opportunities and help bolster the company’s balance sheet.

The $26bn state education fund will take more decision-making control over its private equity programme.