Apollo and Ares presentation decks among the most-read documents in December 2021

by Andrés Ramos, Content Marketing Specialist – Nasdaq Private Fund Solutions

Most-Read Private Equity & Private Debt Documents

In December 2021, users of Market Lens accessed 2,370 unique private equity and private debt documents. Market Lens is a searchable database of intelligence, documents, and mandates from more than 8,000 public and corporate pension plans.

Investment recommendations were the most popular type of document and represented 31.6% of all document views in the month. These recommendations, that are written either by private markets consultants or internal investment teams, help Market Lens users understand why a public plan elected to invest with a particular fund manager. Closely following Investment Recommendations were Client & Prospect Presentations which accounted for 31.4% of December document views. Rounding out the top three were Program/Portfolio Reviews at 14.0%. These reviews offer Market Lens users full visibility into the private markets portfolios of top public pension investors.

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Top Private Equity Documents in December 2021

1. Second Quarter 2021 PE Performance Update, Hamilton Lane for Santa Barbara County ERS

This 24-page portfolio review from consultant Hamilton Lane was the most viewed private equity document in the month. Among the top takeaways from the document, Santa Barbara County ERS’ private equity portfolio generated a 53.22% for the one year period ending June 30, 2021 and the pension plan made eight $10 million PE commitments in 2021.

2. Introduction to Venture Capital, Cambridge Associates for Kern County ERA

Covering all the basic of the asset class, this presentation also features some house views from Cambridge Associates on current environment venture market in 2021.  The deck notes, “There are similarities between the late 1990s and today (particularly the fundraising environment), but company fundamentals are generally more supportive today and business models are more robust.”

3. Private Equity Review, State of Michigan Retirement System

While this review covers both performance and recent commitments made by the pension plan, perhaps one of the most compelling insights offered is its strategy update:

The strategy for the next twelve months will focus on new sponsors raising capital and existing sponsors raising successor funds. This may be a combination of buyout, venture capital, secondary, and growth equity funds seeking new commitments.  Co-investments continue to play an important role in both averaging down costs and targeting specific investments with attractive risk/return characteristics.

Top Private Debt Documents in December 2021

1. Ares Special Opportunities Fund II, Pennsylvania SERS

The prospect presentation from Ares Management for their Ares Special Opportunities Fund (ASOF) II was the most viewed private debt document in December. Visibility into peer pitch decks like this one help GPs decide how to position their funds in a competitive fundraising environment. The Ares deck provides details on the “All-Weather” strategy for ASOF II that will, “Seek to Consistently Invest in a Range of Private, Special-Situation Opportunities and Flex into Distressed Public Market Debt when Attractive”

2. Apollo Defined Return Fund, North Dakota Board of University and School Lands

Apollo’s presentation proposed a $200 million commitment from the pension plans to the Apollo Defined Return Fund, an evergreen, multi-asset opportunistic credit offering. The 46-page deck offers a detailed look at each of the five key strategy pillars for the fund: levered performing credit, dislocated credit, large scale origination, structured credit, and other opportunistic strategies.

3. Real Return and Opportunistic Review, State of Michigan Retirement System

Mirroring the popularity of its private equity review, the review from State of Michigan Retirement System for their Real Return & Opportunistic portfolio was also widely viewed in December. The review highlights three new commitments made in the 4th quarter:

    • $250 million to TPG Rise Climate I, a global climate change fund
    • $150 million to Nyanza II, a music and entertainment fund
    • $100 million to Angelo Gordon Credit Solutions Fund II, a credit fund that provides financing solutions across credit markets

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