Jenna Gottlieb

The state oil and gas endowment is seeking a firm to help it investigate and possibly pursue legal action in the wake of a pay-to-play scandal.

Limited partners are increasingly vocal about the content annual meetings should include, said panelists at the PEI Investor Relations & Communications Forum on Wednesday.

The latest twist in the Capitol Hill carried interest drama would treat 65% of carry as ordinary income, but that would drop to 55% for investments held seven years or more.

The firm will continue to expand the programme to other portfolio companies, looking for ways to cut emissions and waste.

The US public pension has made $65m in commitments to Ethos Fund IV and SAIF Partners IV.

The bill that would hike taxes on carried interest has a provision that would make it more expensive for GPs to sell stakes in their firms.

In an effort to curb the use of placement agents, the US' largest public pension has set up an automated PPM system that has been greeted with market scepticism.

The House bill will tax 75% of carried interest as ordinary income at a rate of 35%, and the balance as capital gains at 15%. The bill now goes before the Senate.

The $14bn oil and gas endowment could start making private equity commitments in the third quarter after suspending its alternatives programme in 2009.

Littlejohn’s fourth fund, which is targeting $1.3bn, invests in mid-market firms that are underperforming or financially distressed.