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Private Markets Monthly Monitor

Published each month, this report aggregates and analyzes data on 475 public plans’ reported fund commitments, as well as the news and documents of most interest to users of the eVestment Market Lens platform across Private Equity, Private Debt, Real Estate and Real Assets.

Private markets firms can use this information to gain insight into the fund strategies most popular with investors, the most active plans and consultants and the latest fundraising activity of their peers.

Overview

In August 2022, 23 public pension plans reported a total of $9.6 billion in commitments to private equity funds, with an average commitment size of $86 million. A total of 111 commitments were reported in the month.

As of August 31, 2022, 63 public plans were under allocated against their private equity target allocations, representing $10.2 billion of potential commitments available for fund managers.

NEW: Forward Calendar Insights

According to Nasdaq eVestment’s Forward Calendar 72 private equity funds are confirmed or projected to be in the market fundraising for a first close in Q1 2023. In total these funds are seeking to raise over $133 billion from investors. Buyout funds represent 59.4% of this fundraising target. Those funds have an average target fund size of $2.9 billion.

What does the future hold for private equity funds?

In addition to tracking past commitments and providing unique LP insights, the Nasdaq eVestment platform tracks investors’ asset allocation weightings and details on project and confirmed funds coming to market. Click the button below to request a fundraising intelligence pack.

The intel pack features a list of 5 under-allocated LPs and insights on GP competitors coming to market.

Most Active Pension Plan Investors by reported commitments – August 2022

CalSTRS, $3.82 billion across 22 reported commitments

  • Advent International – $400 million
  • Blackstone – $400 million
  • Francisco Partners – $400 million
  • Thoma Bravo – $400 million
  • Permira – $350 million

Canada Pension CPPIB, $1.79 billion across 8 reported commitments

  • EQT – $402 million
  • Apax Partners – $400 million
  • Sequoia – $333 million

Virginia Retirement System, $1.64 billion across 11 reported commitments

  • Advent International – $200 million
  • Apax Partners – $200 million
  • Apollo Global – $200 million
  • Audax Group – $200 million
  • Leonard Green & Partners – $175 million

Illinois Teachers, $811 million across 16 reported commitments

  • Silver Lake Partners – $150 million
  • TDR Capital – $130 million
  • Baring Private Equity Asia – $100 million
  • Bregal Sagemount – $100 million

Top Fund Managers by reported commitments – August 2022

  • Advent International – $660 million
  • Apax Partners – $640 million
  • EQT – $527 million
  • Apollo Global – $525 million
  • TDR Capital – $431 million
  • Permira – $350 million
OverviewAug 2022
# of Commitments111
Total Amount (USD MM)$9,579
Average Amount (USD MM)$86
# of LPs23
Most Active Public Plans By # Of CommitmentsL3M
Illinois Teachers24
CalSTRS22
Wisconsin Inv Board20
Most Active Public Plans By Commitment Amt. (USD MM)L3M
CalSTRS$3,820
Illinois Teachers$1,872
State of Michigan RS$1,868
Consultants Providing Most RecommendationsL3M
StepStone33
Meketa Investment Group25
Hamilton Lane11

Most Viewed Documents

In an August meeting with consultant NEPC, University of Maine System explored the prospect of launching a private equity investment program. The pension plan has made selective private markets commitments in the past and NEPC’s presentation, which was widely viewed private equity document on Market Lens in August, outlines the benefits and considerations of the asset class. NEPC notes that if the pension plan launched a private equity portfolio with a 10% target allocation, outperformance of 3 – 5% over the public markets would yield an additional $1 – 2 million annually for the portfolio. The presentation also offers NEPC’s private markets views.

A Private Equity Update presentation from North Carolina Retirement System (NCRS) was another popular document in the month. As of 6/30/22 NCRS had a 6.4% allocation to private equity, just under their newly set 7% target allocation. Moving forward, the pension plan is seeking to increase their allocations to co-investments by committing to a second co-investment SMA. In terms of primary investments, NCRS will focus on their existing managers and use their scale as leverage for preferred terms and fees.

The most viewed private equity slide deck from August was that of Bessemer Venture Partners for Wyoming SLIB. The deck showcases BVP Forge, the venture capital firm’s new $750 – $800 million lower middle market growth buyout fund. The fund will target equity investments in software and tech-enabled services companies with $50 – $250 million in enterprise value.

Overview

In August 2022, eighteen public pension plans reported a total of $3.8 billion in commitments to private debt funds, with an average commitment size of $123 million. A total of 31 commitments were reported in the month.

As of August 31, 2022, 62 public plans were under allocated against their private debt target allocations, representing $8.3 billion of potential commitments available for fund managers.

NEW: Forward Calendar Insights

According to Nasdaq eVestment’s Forward Calendar 18 private debt funds are confirmed or projected to be in the market fundraising for a first close in Q1 2023. In total these funds are seeking to raise over $34.1 billion from investors. Direct lending funds account for 47.1% this fundraising target while distressed debt funds represent 29.5%.

What does the future hold for private debt funds?

In addition to tracking past commitments and providing unique LP insights, the Nasdaq eVestment platform tracks investors’ asset allocation weightings and details on project and confirmed funds coming to market. Click the button below to request a fundraising intelligence pack.

The intel pack features a list of 5 under-allocated LPs and insights on GP competitors coming to market.

Most Active Pension Plan Investors by reported commitments – August 2022

Oklahoma Teachers

  • Ares Management – $500 million
  • KKR – $500 million

Los Angeles County Employees Retirement Association (LACERA)

  • Stable Asset Management – $750 million

Illinois Teachers

  • SLR Capital Partners – $500 million
  • Sixth Street – $150 million

Chicago Muni

  • Angelo Gordon – $40 million
  • Partners Group – $40 million
  • Brightwood Capital – $20 million

Top Fund Managers by reported commitments – August 2022

  • Stable Asset Management – $750 million
  • Ares Management – $500 million
  • KKR – $500 million
  • SLR Capital Partners – $500 million
  • Varde Partners – $450 million
OverviewAug 2022
# of Commitments31
Total Amount (USD MM)$3,818
Average Amount (USD MM)$123
# of LPs18
Most Active Public Plans By # Of CommitmentsL3M
Border to Coast Pool5
Rhode Island ERS5
6 plans tied3
Most Active Public Plans by Commitment Amt. (USD MM)L3M
Oklahoma Teachers$1,000
Border to Coast Pool$955
Virginia Retirement System$900
Consultants Providing Most RecommendationsL3M
Cambridge Associates4
Hamilton Lane4
Marquette Associates4
Verus4

Most Viewed Documents

New Mexico PERA’s Credit Oriented Fixed Income Bi-Annual Illiquid Asset Reporting presentation was the most read private debt document in August. After making no commitments to private debt since 2017, the pension plan has set a $124 million allocation target for the asset class in 2022. The pension plan believes that the current market environment is now ideal for private debt, noting that the asset class, “gives [PERA] access to the universe of private companies that may never go public. This component allows PERA to build long-term partnerships with exceptional firms around the globe.” In terms of where the capital will come from to invest in private debt, the presentation notes that the program, “will be restarted utilizing funding from rebalancing activity in alternative credit and distributions from legacy private credit managers.

Consultant Aksia’s Private Credit Market Overview for New Jersey Division of Investment was also popular in the month. In the overview Aksia offers market insights, including observations from the Aksia 2022 Private Credit Market Survey on six key sub-strategies of private debt, and opines on other trends in the market. With regards to direct lending, approximately 55% of their survey respondents expect “PE MM deal flow to keep pace in 2022 with last year.” The deck also notes “Rates” and “Fund-level Leverage” as two areas of positivity for LPs invested in the asset class.

The most viewed private credit presentation deck in August what that of Deerpath Capital Management. The firm presented their Deerpath Capital Advantage VI fund to Rhode Island ERS on August 3, 2022. According to the deck, Deerpath’s direct lending strategy is meant “to provide the safety, with cash income at a moderate return level,” and not excess returns, which investors access via their private equity and venture capital allocations.

Overview

In August 2022, twenty public pension plans reported a total of $2.9 billion in commitments to real estate funds, with an average commitment size of $82 million. A total of 36 commitments were reported in the month.

As of August 31, 2022, 113 public plans were under allocated against their real estate target allocations, representing $22.5 billion of potential commitments available for fund managers.

NEW: Forward Calendar Insights

According to Nasdaq eVestment’s Forward Calendar 22 real estate funds are confirmed or projected to be in the market fundraising for a first close in Q1 2023. In total these funds are seeking to raise nearly $34.9 billion from investors. In terms of target fund size, these funds average $1.6 billion. At $8.9 billion, Lone Star Fund XII is the largest in market over this period.

Which LPs will be making commitments to real estate funds?

In addition to tracking past commitments and providing unique LP insights, the Nasdaq eVestment platform tracks investors’ asset allocation weightings and details on project and confirmed funds coming to market. Click the button below to request a fundraising intelligence pack.

The intel pack features a list of 5 under-allocated LPs and insights on GP competitors coming to market.

Most Active Pension Plan Investors by reported commitments – August 2022

KPA Pensiosförssäkring

  • Stabelo Asset Management – $470.2 million
  • Hypoteket Funds – $235.1 million

Los Angeles County Employees Association (LACERA)

  • Blackstone – $300 million
  • Brookfield Asset Management – $300 million

Orange County ERS

  • Cortland Partners – $125 million
  • EQT Exeter – $50 million

Montana Board of Investments

  • AEW Capital Partners – $80 million
  • Marcus Partners – $50 million

San Jose Police & Fire

  • TA Realty – $58 million
  • AIG Global Real Estate – $22 million
  • EQT Exeter – $8 million
  • GCP Capital Partners – $6 million

Top Fund Managers by reported commitments – August 2022

  • Blackstone – $550 million
  • Stabelo Asset Management – $470.2 million
  • EQT Exeter – $450 million
  • Brookfield Asset Management – $300 million
  • Hypoteket Funds – $235.1 million
OverviewAug 2022
# of Commitments36
Total Amount (USD MM)$2,939
Average Amount (USD MM)$82
# of LPs20
Most Active Public Plans By # Of CommitmentsL3M
NY State Common Retirement Fund7
Florida SBA6
Rhode Island ERS6
Most Active Public Plans By Commitment Amt. (USD MM)L3M
NY State Common Retirement Fund$2,416
Washington State (WSIB)$750
KPA Pensiosförssäkring$705
Consultants Providing Most RecommendationsL3M
StepStone9
Townsend Group6
Hyman Robertson3

Most Viewed Documents

The most viewed real estate document in August was NEPC’s Investment Program Review for Boston Retirement System (BRS), which covered the latest developments in their search for new real estate managers. BRS is seeking to allocate $150 million over the coming two years to value-add, opportunistic and debt strategies. That said, the search will likely prioritize opportunistic and debt funds because of the “attractive market environment for both sub-strategies.” The review notes that search respondents Alidade Capital, Davis Investment Ventures, Landmark Partners, TA Realty, and Torchlight are all on NEPC’s Focuses Placement List of top ranked managers.

Townsend Group’s Real Estate Annual Investment Plan for Los Angeles Fire & Police was another widely views consultant review in the month. According to the review, “Over the last three years, the LAFPP portfolio has committed to 14 funds in core and non-core amounting to $869M in capital.” As of March 31, 2022, the pension plan is over-allocated on the public side of its real estate portfolio and under-allocated on the private side. Moving forward the plan will target $150 million in new non-core commitments with Townsend Group suggesting, “niche investment opportunities to enhance diversification such as life sciences, cold storage, data centers, and single-family residential strategies as well as credit strategies.”

Illinois Teachers’ FY2023 Real Assets Tactical Plan was also popular in the month. The pension plan will target $400 million in commitments to opportunistic real estate strategies to help reach their 18% long-term allocation target.

Overview

In August 2022, thirteen public pension plans reported a total of $1.5 billion in commitments to real assets funds, with an average commitment size of $74 million. A total of 20 commitments were reported in the month.

As of August 31, 2022, 95 public plans were under allocated against their real assets target allocations, representing $24.2 billion of potential commitments available for fund managers.

NEW: Forward Calendar Insights

According to Nasdaq eVestment’s Forward Calendar 14 real assets funds are confirmed or projected to be in the market fundraising for a first close in Q1 2023. The largest is EQT Infrastructure VI which is targeting a $19.5 billion fund size. At the other end of the spectrum is Aberdeen Energy & Resources Partners VI which is targeting a $220 million fund size.

Which LPs will be making commitments to real assets funds?

In addition to tracking past commitments and providing unique LP insights, the Nasdaq eVestment platform tracks investors’ asset allocation weightings and details on project and confirmed funds coming to market. Click the button below to request a fundraising intelligence pack.

The intel pack features a list of 5 under-allocated LPs and insights on GP competitors coming to market.

Most Active Pension Plan Investors by reported commitments – August 2022

Fjärde AP-fonden (AP4)

  • Antin Infrastructure Partners – $846.4 million

New Mexico SIC

  • BlackRock – $100 million
  • Brookfield Asset Management – $100 million

Houston Firefighters

  • EQT – $100 million
  • Brookfield Asset Management – $40 million

Santa Barbara County ERS

  • Blackstone – $15 million
  • Brookfield Asset Management – $15 million

Top Fund Managers by reported commitments – August 2022

  • Antin Infrastructure Partners – $846.4 million
  • Brookfield Asset Management – $155 million
  • BlackRock – $100 million
  • EQT – $100 million
  • Kimmeridge Energy – $100 million
OverviewAug 2022
# of Commitments20
Total Amount (USD MM)$1,486
Average Amount (USD MM)$74
# of LPs13
Most Active Public Plans By # Of CommitmentsL3M
Fjärde AP-fonden (AP4)3
NY State Common Retirement Fund3
Virginia Retirement System3
Most Active Public Plans By Commitment Amt. (USD MM)L3M
Fjärde AP-fonden (AP4)$846
NY State Common Retirement Fund$508
Virginia Retirement System$425
Consultants Providing Most RecommendationsL3M
StepStone10
Hamilton Lane3
5 consultants tied2

Most Viewed Documents

The most viewed real assets document in August on Market Lens was the Private Infrastructure Portfolio Annual Tactical Plan from Texas ERS. As of March 31, 2022, the pension plan’s infrastructure portfolio consisted of $2.7 billion of commitments to 22 infrastructure funds and 19 co-investments. This figure represents 5.4% of the total portfolio against a target of 7%, although the tactical plan notes that there are ongoing discussions to lower this target. In 2023 Texas ERS is targeting $250 million in infrastructure commitments across 4 – 9 funds with a focus on non-US core strategies. Emerging markets strategies are also a focus as the pension plan is under their 30% target for emerging markets exposure. The plan also includes the full roster of infrastructure funds that Texas ERS has invested in.

Slides decks from two large fund managers were also widely viewed in the month, and both were presented to New Mexico SIC. The first presented Brookfield Infrastructure Fund V, the latest offering from Brookfield’s $208 billion global infrastructure business. In addition to highlighting the firm’s tried and true approach to investing, the deck also notes that ESG considerations are incorporated throughout the investment lifecycle.

The second deck was that of BlackRock Global Infrastructure Fund IV, a $7.5 billion strategy focused on decarbonization, decentralization, and digitalization. The fund will seek to capitalize on the long-
term, structural trends the global society to deliver sustainable yield and long-term capital appreciation.

Intelligent Fundraising

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Data included in this report is sourced exclusively through information available in our Market Lens tool, a one-stop platform offering access to underlying documents and information from public plans and their consultants, including investor profiles, asset allocation studies, commitment pacing plans, peers’ pitchbooks and much more.

Clients use this information for up to the minute insights into market trends, and to better identify prospective investors and access more granular information to tailor pitches and presentations to accelerate their fundraising and enhance investor relations.

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