The New York attorney general says he will cooperate with AGs in other states to 'shed light on a process that has been perverted'. The wave of subpoenas includes 49 investment firms who allegedly paid unlicensed placement agents for securing public pension capital.
2 min read · 21 January 2013
April was a month of senior departures, many of whom built the platforms and raised the funds that PERE LPs find themselves committed to today. The issue has become an area of grave concern.
3 min read · 31 January 2013
PERE Magazine May 2009
2 min read · 21 January 2013
After talks with Colony Capital fell through, the 50/50 investors came to an agreement with their lenders to finance the completion of City Center in Las Vegas.
1 min read · 21 January 2013
New Mexico’s governor Bill Richardson ordered the state’s $11.8bn oil and gas endowment to suspend investing in private equity and real estate while the endowment reviews investment recommendations made by Aldus Equity. Recommended commitments to Landmark Equity, Newstone Capital, Veronis Suhler Stevenson and Ares Management will have to go through a 'vetting' process again.
2 min read · 21 January 2013
Investors in Morgan Stanley’s $8bn MSREF VI International fund have been told to expect a 0.7x haircut. The firm will focus on preserving and generating liquidity, deleveraging and de-risking the portfolio and working through debt issues with lenders, LPs learned at a meeting in New York last week.
1 min read · 21 January 2013
Britain’s Homes and Communities Agency has launched an initiative which could potentially attract significant investment into the housing market by encouraging institutions to fund new homes specifically for private renting.
2 min read · 21 January 2013
Citi Property Investors has abandoned efforts to raise a follow-on fund to its 2007 Asia focused vehicle and has decided to give back approximately $400 million to investors.
1 min read · 21 January 2013
New York’s Attorney General Andrew Cuomo has indicted Saul Meyer for allegedly making illegal payments to Henry Morris in exchange for business with the $122bn New York State Common Retirement Fund. Cuomo said he is actively coordinating with other states’ law enforcement agencies on the investigation.
4 min read · 21 January 2013
The Oregon Investment Council is asking GPs to reduce management fees, avoid charging transaction, monitoring and other deal fees, as well as to take carry only after 100% of all capital is returned to investors. It also wants LPs to have greater power to dissolve funds, remove the GP and suspend or terminate commitment periods.
3 min read · 21 January 2013
