Co-investment
Malaysia's EPF awards co-investment SMAs to global firms
BlackRock, HarbourVest Partners, and Partners Group have been awarded co-investment mandates by Malaysia’s Employees Provident Fund (EPF) totaling $600 million.
LPs anticipate PE portfolio restructuring - survey
A wave of portfolio restructuring is likely as LPs turn to the secondary market to reshape their private equity exposure, source new credit facilities or dispose of assets to remedy liquidity shortfalls, and review co-investment policies, Coller Capital’s...
Australian LPs and co-investment: Willing partners
The difficulties NZ Super encountered with its now-defunct global direct investment unit offer pointers for Australian LPs looking at how to resource and structure co-investment programs
Deep GP-LP relationships not defined by co-underwriting - AVCJ Forum
Institutional investors in Australia and New Zealand are looking to establish deeper relationships with portfolio GPs – and while co-investment is part of the dynamic, it doesn’t necessarily stretch to co-underwriting.
Talking points: 2019 in quotes
What industry participants had to say at AVCJ events on co-investment, technology opportunities in Vietnam, what LPs want to hear from GPs, Indian buyouts, long-dated funds, and late-stage deals in China deployment during times of uncertainty, responding...
LPs going direct 'not a front of mind issue' in Asia - AVCJ Forum
Large institutional investors pursuing direct deals on a solo basis represents a logical evolution of the private equity industry and shouldn’t necessarily be regarded as a threat, Asia-focused buyout managers told the AVCJ Forum.
Q&A: Teacher Retirement System of Texas' Eric Lang
Eric Lang, senior managing director of external private markets at Teacher Retirement System of Texas (TRS), discusses co-investment, strategic partnerships, and Asian expansion plans
LP interview: AustralianSuper
Internalizing management is a priority for AustralianSuper across all asset classes. In private equity, this means forging relationships with a concentrated pool of managers and pursuing co-investment
LGT closes fourth Asia fund-of-funds at $1b
LGT Capital Partners has closed its fourth Asia Pacific fund-of-funds at the hard cap of $1 billion. It had initially targeted a final close in October 2020.
China's CIC prioritizes direct investment, bilateral funds
China Investment Corporation (CIC) is stepping up its private equity co-investment and direct investment activity – including through the establishment of bilateral cross-border funds – as it seeks to boost returns in increasingly unstable global...
Australian superfund consolidation to alter private markets strategies
Australia’s pension market is ripe for consolidation, which will see the emergence of a handful of mega superannuation funds that leverage their scale to bring more investment activity in-house, according to leading industry participants.
LP interview: CalSTRS
Keen to reduce investment costs, California State Teachers’ Retirement System is changing the way it works with managers. Co-investment, joint ventures and stakes in GPs are priorities for private markets
LPs warn of co-investment risks - AVCJ Forum
The boom in LP appetite for co-investment has made it harder to secure access to deals and created adverse selection risk as private equity firms push beyond their comfort zone, investors told the AVCJ Korea Forum.
Q&A: Adamantem Capital's Anthony Kerwick
Anthony Kerwick, co-founder of Australian mid-market GP Adamantem Capital, discusses the challenges of setting up a new firm, the importance of future-proof investments, and Australia’s growing overseas angle
HSBC closes $250m global PE fund
HSBC has closed a $250 million private equity fund that will make primary, secondary and direct co-investments across multiple geographies, sectors and strategies.
LP interview: Unigestion
Asia’s rising levels of private equity talent offer enticing growth prospects for Unigestion’s wealth management clients, but enforcing discipline among emerging markets managers remains a challenge
Hamilton Lane targets Asia with $1.7b co-investment fund
Hamilton Lane has closed its fourth global co-investment fund at $1.7 billion, with a view to deploying 15-20% in Asia. It is the firm’s largest co-investment fund to date.
Sovereign wealth: Getting creative on co-investment
Sovereign wealth funds are dialing up their direct exposure to technology and healthcare start-ups, but this trend is accompanied by a varied collection of co-investment models
LP interview: Natixis
Natixis Investment Managers is leveraging a novel affiliate-manager structure to grow fund exposure in Asia in a sustainable way. Alternatives, and increasingly private equity, are driving much of the progress
CPPIB increases co-investments, fund check sizes in Asia
Canada Pension Plan Investment Board (CPPIB) closed a record nine direct private equity deals in Asia during the 2019 financial year, while writing down one of its largest existing co-investments in the region.
LP interview: HESTA
As demand for private equity grows among institutional investors globally, HESTA is focusing on building its internal unlisted assets expertise to connect with potential fund managers on their own terms
Australian LPs strengthen GP ties through co-investment - AVCJ Forum
Australian LPs want to establish deep relationships with portfolio GPs – where they can play an additive role in the investment management process – and see co-investment as one of the best ways of achieving this.
Australia co-investment: Too close for comfort?
Most Australian institutional investors want to participate in deals alongside private equity managers, but few have the bandwidth to do it effectively. Recruitment and risk controls are the key obstacles
Co-investment: Partners in time
The decision to commit due diligence resources to a potential co-investment balances complex factors around timing, strategy, and relational comfort. Efficiency and patience are indispensable virtues