Performance

Governor Phil Murphy’s anti-private equity rhetoric during his campaign triggered a hold on commitment but the state’s pension system wants to re-establish its standing.

The London firm is seeking $10.5bn for Fund X, according to Minnesota State Board of Investment documents obtained by PEI.

Profit-with-purpose has made a mark in the past year, despite recent negative headlines.

The firm’s investments are skewed towards transformational and off-the-beaten path transactions, which have generated higher returns.

The firm expects to hold the first close on its latest fund, targeting $8bn, by the end of June.

Concerns over dry powder and pricing have prompted institutional investors to expect diminished performance over the next three years.

A report by two academics shows US buyouts have historically outperformed the S&P 500 by a fairly wide margin.

Sectors that have benefited the most from tech include logistics, cold storage, consumer branding, healthcare and fintech, according to the IFC's global head and chief investment officer for private equity funds, Maria Kozloski.

The pension has to ask funds it invested in before 2017 if it can make their fees and expenses public, and almost half said no.