Rise of the unicorns: venture capital
The increase in privately held start-ups has piqued interest in venture-capital markets. The opportunities are there but investors must realise that technological innovation has changed the game.
Germany’s largest pension fund VBL ups diversification; invests more abroad
Germany’s €70 billion pension provider VBL is increasing its diversification, notably investing in overseas real estate outside Germany for the first time. It's also increasing its tilt to international equities over European stocks, enabled by an organisational and investment process overhaul.
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Going direct puts wind in PFA’s sails
The $77 billion Denmark pension fund PFA has turned to direct investment for its alternatives, taking stakes with varying levels of risk in areas such as telecommunications and wind farms.
CalPERS shake-up may delay PE plans
The surprise ousting of CalPERS board president Priya Mathur heralds a leadership shake-up that could place final approval of an expanded private equity program on hold.
Investors feel banks’ lending pinch
Post-GFC regulation has driven up the cost of bank funding. Professor Darrell Duffie explained the impact of the end of ‘sovereign uplift’ and offered ideas to create competition and lower costs.
Utah to look for PE managers
The $37 billion Utah Retirement Systems (URS) will allocate to private equity managers directly, rather than through funds-of-funds, for the first time since it began investing in the asset class 35 years ago.
Private capital opportunities grow
It’s been said the “public market is quickly becoming a holding pen for massive sleepy corporations”. This has investors taking more late-stage stakes in private companies as perceived risks ebb.
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