Canada’s Caisse innovates in PE

Quebec flag and fall colours

At the end of 2016, the C$30.4 billion ($24.8 bill
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Rest Super’s selective approach to PE pays off as program comes of age

Rest Super’s selective approach to PE pays off as program comes of age

A concentrated bet on fewer, better GP relationships is paying off for one of Australia's largest superannuation funds. Built on selective manager and deal selection rather than a broad roster, the A$112 billion ($78 billion) Rest Super delivered private equity returns more than double the peer average last financial year, as the fund proactively courts top-tier PE firms instead of waiting to be approached.

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GPIF insists on paying only for alpha

Hiro Mizuno, CIO of the world's largest investor, told the CFA conference that in exchange for multi-year commitments its mandates would now claw back fees when firms don't reach alpha targets.

Chinese market’s many pros and cons

The Asian giant has a vibrant tech sector, a growing middle class, and a government making changes to improve access. It’s enough to make many take on the market’s volatility and other issues.

Tech alters infrastructure assets

AI and other advances are making assets like toll bridges more challenging. Opportunities are emerging from privatisation but the days of 'set-and-forget' may be coming to an end.

Oxford U. fund knocks private equity

The CIO of the $4.3 billion fund manager argued in a panel discussion that an excess of capital in the market and lack of access to top general partners have hurt the asset class.

General partners must regain trust

In the GFC, many investors got burned as limited partners, by costly experiences and opaque strategies. To fix the damaged relationships, a focus on disclosure and aligned interests is essential.

AP3 demands more from hedge funds

The Third Swedish National Pension Fund has cut back on hedge fund managers, citing cost, poor returns, and difficulty pinpointing the source of alpha for managers that have done well.

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