By Susan Barreto, Editor of Alternatives Watch
The investor inflows into private equity funds accounted for more than $10 billion of the more than $22 billion of alternative investment mandates overall as tracked by Alternatives Watch in the first quarter of 2020.
The largest mandate was $2 billion that was assigned to Neuberger Berman for the NYSCRF NB Co-Investment Fund II at the New York State Common Retirement Fund. The co-investment fund was set up to opportunistically in co-investments alongside the pension fund’s existing private equity managers. The allocation will be completed in three tranches – two tranches of $750 million and one tranche of $500 million.
Private equity co-investments overall were very popular accounting for more than $2 billion in new mandate activity in the first quarter of 2020. Investors making use of co-investments last quarter were: New York State Common Retirement Fund; New Mexico Educational Retirement Board; California State Teachers’ Retirement System; and the State of Wisconsin Investment Board.
Private equity giants winning multiple pots of pension fund money were Advent International; Blackstone Group; Clearlake Capital Group; Harbourvest; Insight Partners; MBK Partners; TA Associates and Vista Equity Partners.
Across the 104 mandates, investors are average allocated $100 million to private equity funds individually.
A full run-down of the mandate activity follows. For daily/weekly and monthly institutional mandate coverage, subscribe here.
| Alternatives Watch Quarterly Investor Scorecard – Q1 2020 | ||||
| Fund name | Amount invested ($m) | Investor | ||
| Accel London VI | $12.50 | Michigan Retirement System | ||
| Advent Global Technology Fund | $100 | California State Teachers’ Retirement System | ||
| Advent International GPE IX | $250 | Michigan Retirement System | ||
| AlpInvest SSMA | $100 | California State Teachers’ Retirement System | ||
| Altaris Health Partners V | $100 | New Jersey Division of Investment | ||
| Apax X | $250 | California State Teachers’ Retirement System | ||
| BlackRock co-investment | $100 | New Mexico Educational Retirement Board | ||
| Blackstone Life Sciences V | $75 | Teachers’ Retirement System of Texas | ||
| Blackstone Life Sciences V | $125 | Texas County & District Retirement System | ||
| BPEA Bluebonnet Partners | $200 | Teachers’ Retirement System of Texas | ||
| Bregal Sagemount | $75 | Teachers’ Retirement System of Illinois | ||
| Charlesbank Technology Opportunities Fund | $50 | Texas County & District Retirement System | ||
| Cinven Broadway Limited | $20 | Teachers’ Retirement System of Texas | ||
| Clearlake Capital Group | $100 | Teachers’ Retirement System of Illinois | ||
| Clearlake Capital Management IV | $125 | Teachers’ Retirement System of Texas | ||
| Clearlake Capital Partners V | $60 | Maryland State Retirement & Pension System | ||
| Clearlake Capital Partners VI | $200 | Oregon Investment Council | ||
| Clearlake Capital Partners VI | $30 | Los Angeles City Employees’ Retirement System | ||
| Clearlake Opportunities Partners II | $75 | Michigan Retirement System | ||
| Co-investment (Buyout) | $5 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $50 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $75 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $3 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $50 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $37 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $63 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $50 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $55 | California State Teachers’ Retirement System | ||
| Co-investment (Buyout) | $197 | California State Teachers’ Retirement System | ||
| Co-investment (Long-term strategies) | $85 | California State Teachers’ Retirement System | ||
| Co-investment (Long-term strategies) | $35 | California State Teachers’ Retirement System | ||
| Co-investment (US/Buyout) | $85 | California State Teachers’ Retirement System | ||
| Co-investment (US/Buyout) | $40 | California State Teachers’ Retirement System | ||
| Co-investment (Venture capital) | $25 | California State Teachers’ Retirement System | ||
| Consumer Discretionary Co-Invest | $18 | State of Wisconsin Investment Board | ||
| Cortec Group Fund VII | $50 | State of Wisconsin Investment Board | ||
| Cortec Group VII | $30 | Sacramento County Employees’ Retirement | ||
| Cortec VII | $100 | California State Teachers’ Retirement System | ||
| Dover Street X | $150 | Michigan Retirement System | ||
| Dover Street X | $100 | Connecticut Retirement Plans and Trust Funds | ||
| Financial Services Co-Invest | $25 | State of Wisconsin Investment Board | ||
| General Catalyst Group IX | $2.50 | University of Michigan | ||
| Georgian Partners Growth Fund V | $75 | Connecticut Retirement Plans and Trust Funds | ||
| GI Data Infrastructure Fund | $175 | Washington State Investment Board | ||
| Green Equity Investors VIII | $250 | State of Wisconsin Investment Board | ||
| Greenspring Associates | $200 | Teachers’ Retirement System of Illinois | ||
| HarbourVest Credit Opportunities Fund II | $75 | Michigan Retirement System | ||
| Harbourvest Secondary Overflow Fund IV | $50 | Connecticut Retirement Plans and Trust Funds | ||
| Harvest Partners VIII | $100 | Michigan Retirement System | ||
| HealthCap VIII | $33 | University of Michigan | ||
| Hollyport Secondary Opportunities Fund VII | $75 | Connecticut Retirement Plans and Trust Funds | ||
| ICG Strategic Equity | $150 | California State Teachers’ Retirement System | ||
| Index Ventures Growth V | $50 | Massachusetts PRIM | ||
| Index Ventures X | $20 | Massachusetts PRIM | ||
| Industrials Co-Invest | $17.30 | State of Wisconsin Investment Board | ||
| Insight Partners XI | $150 | Massachusetts PRIM | ||
| Insight Partners XI | $200 | Washington State Investment Board | ||
| Insight Partners XI | $50 | San Francisco Employees’ Retirement System | ||
| Jade Equity Investors | $50 | State of Wisconsin Investment Board | ||
| JFL Equity Investors Fund | $100 | Connecticut Retirement Plans and Trust Funds | ||
| Kickstart Seed V | $7.5 | New Mexico State Investment Council | ||
| Kohlberg IX | $50 | Ohio School Employees’ Retirement System | ||
| KPS Special Situations Fund V | $40 | Los Angeles City Employees’ Retirement System | ||
| KPS Special Situations Mid-Cap Fund | $10 | Los Angeles City Employees’ Retirement System | ||
| Lightspeed Venture Partners Select IV | $75 | Texas County & District Retirement System | ||
| Lightspeed Venture Partners XIII | $25 | Texas County & District Retirement System | ||
| Lime Rock Resources V | $100 | Washington State Investment Board | ||
| Madison Dearborn Capital Partners VIII | $250 | Washington State Investment Board | ||
| Mayfield Select II | $20 | Texas County & District Retirement System | ||
| Mayfield XVI | $20 | Texas County & District Retirement System | ||
| MBK Partners | $200 | Teachers’ Retirement System of Illinois | ||
| MBK Partners Fund V | $150 | Los Angeles County Employees’ Retirement | ||
| MBK Partners V | $200 | California State Teachers’ Retirement System | ||
| Miracle Plus Fund I | $10 | University of Michigan | ||
| Neuberger Berman (co-invest) | $2,000 | New York State Common Retirement Fund | ||
| New Enterprise Associates 17 | $5 | Sacramento County Employees’ Retirement | ||
| Ocean Sound Partners | $15 | Teachers’ Retirement System of Illinois | ||
| Pamlico Capital V | $50 | Texas County & District Retirement System | ||
| Parthenon Capital Partners | $120 | Teachers’ Retirement System of Illinois | ||
| Permira VII | $85 | Michigan Retirement System | ||
| Revelstoke Capital Partners Single Asset Fund I | $60 | Los Angeles County Employees’ Retirement | ||
| Roark Diversified Restaurant Fund II | $50 | University of Michigan | ||
| S Capital II | $15 | New York State Common Retirement Fund | ||
| Saros Investments | $160 | State of Wisconsin Investment Board | ||
| SDC Digital Infrastructure Opportunity Fund II | $50 | University of Michigan | ||
| Shamrock Capital Content Fund II | $50 | State of Wisconsin Investment Board | ||
| Summit Partners Europe Growth Equity Fund III | $83 | Texas County & District Retirement System | ||
| TA Associates | $40 | Teachers’ Retirement System of Illinois | ||
| TA Select Opportunities | $75 | California State Teachers’ Retirement System | ||
| Thayer Venture III | $7.5 | New Mexico State Investment Council | ||
| Thoma Bravo Discover Fund III | $150 | Massachusetts PRIM | ||
| Thoma Bravo Explore Fund | $60 | Massachusetts PRIM | ||
| Thoma Bravo Fund XIV LP | $300 | Massachusetts PRIM | ||
| Turn/River Capital IV | $25 | State of Wisconsin Investment Board | ||
| Vista Equity Endeavor Fund II | $65 | Michigan Retirement System | ||
| Vista Foundation Fund IV | $100 | New Jersey Division of Investment | ||
| Vista Foundation IV | $200 | New York State Common Retirement Fund | ||
| Volition IV | $20 | State of Wisconsin Investment Board | ||
| Volition Select Fund I | $10 | State of Wisconsin Investment Board | ||
| Warburg Pincus China-Southeast Asia II | $75 | Michigan Retirement System | ||
| Wynnchurch Capital Partners V | $75 | Los Angeles County Employees’ Retirement | ||
| Wynnchurch Capital Partners V | $30 | San Francisco Employees’ Retirement System | ||
| Wynnchurch Capital Partners V | $70 | Texas County & District Retirement System | ||
| Yellow Wood Co-Invest Fortuna-B | $40 | State of Wisconsin Investment Board | ||
| Total: | $10,441 |
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