Sam Sutton
Nasdaq glitches, weak forecasts and an investor lawsuit have plagued social media giant Facebook in the days following its blockbuster IPO.
The position will be responsible for managing the $39bn endowment’s $5bn private market co-investment programme, which consists of private equity, infrastructure and other strategies.
The $12.78bn retirement system has invested $100m across five funds since its February meetings.
The President’s recent attacks on Mitt Romney and Bain Capital were openly criticised by noted Obama ally Newark, New Jersey Mayor Cory Booker over the weekend.
The $39bn retirement system invested in vehicles managed by Oaktree Capital Management, GGV Capital and Institutional Venture Partners.
The University of Michigan unveiled investments in two recently closed vehicles at its meeting Thursday in addition to a $30m commitment to Stone Tower Capital, which was recently acquired by Apollo Global Management.
Facebook has raised $16bn in its IPO, valuing it at $104bn. Accel, Greylock, Elevation, Goldman, Meritech and Millennium are among the firms with potential exits to celebrate.
The private equity industry invested $144bn across 1,702 transactions in the US in 2011, according to a recent Private Equity Growth Capital Council Report.
The firm is well on the way to its $1.5bn hard-cap, having raised more than $400m since holding a first close in September.
Tom Donovan, an eight-year veteran of Credit Suisse’s senior distribution team, will lead the placement agent’s efforts in North America.