Public Pension Plan Commitment Activity June 2021: Private Equity

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

June activity summary

In June 2021 public pension plans reported $6.45 billion in commitments to private equity funds according to data tracked by Nasdaq eVestment. The total represents 111 commitments from 37 pension plans. June was the third highest month for commitments in 2021 trailing March ($10.8 billion) and April ($9.0 billion). Notably the average bitesize of commitments reported in June, $58.1 million, was the lowest average seen in in any month year to date.

Public plan insights

San Francisco ERS (SFERS) reported seven commitments in June across a mix of buyout, growth equity, and venture capital funds for a total of $280 million. The largest commitments reported was an $80 million allocation to Hellman & Friedman Capital Partners X, the ninth investment that the plan has made to the mega fund manager. The pension plan also committed a total of $75 million to Insight Partners across two fund vehicles. On the venture capital side SFERS reported a $35 million allocation to Vida Ventures III.

Joining SFERS as a limited partner for both Hellman & Friedman and Insight Partners’ latest fund offerings was Los Angeles Fire & Police who reported six commitments totaling $260 million. The plan also made two commitments to Trive Capital: $50 million to Trive Capital IV and $10 million to Trive Structured Capital I.

At the opposite end of the commitment sizing spectrum was Merced County who reported two $8 million commitments. The allocations were made to Nautic Partners X and Genstar Capital Partners X.

Top private equity fund insights

The previously mentioned Hellman & Friedman and Insight Partners were the top destinations for commitments reported from public plans in June with the managers receiving $605 million and $545 million respectively.

Charlesbank Capital Partners received $225 million in commitments across their Charlesbank Equity Fund X and Charlesbank Equity Overage Fund X funds. According to Charlesbank, the overage fund will enable the core fund to pursue opportunities that require larger amounts of capital.

A handful of first-time funds including Percheron Capital Fund I, Seaside Equity Partners I, and Screendoor Partners also saw pension plans report commitments in the month.

Get insights on LP commitments

Read the full special mid-year edition of the Private Markets Monthly Monitor to understand how public plans allocated through the first half of the year and how they plan to commit capital moving into the second half of the year.

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