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 · 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
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 majority of investors led by US private equity firm JC Flowers has rejected Germany’s offer for real estate lender Hypo Real Estate after the board of the bank accepted it. A small minority in the JC Flowers led consortium have agreed to sell their position.
1 min read · 21 January 2013
RREEF bought a 'significant minority' stake in Aldus in 2007, at a time when Aldus founding partner Saul Meyer considered backing out of an arrangement in which his firm was allegedly paying illegal kick-back fees.
2 min read · 21 January 2013
Speakers at the Terrapinn Infrastructure Investment World Americas conference in New York criticised the conventional wisdom regarding such assets as ‘too simplistic’ since brownfields, or operational infrastructure assets, can in practice be more risky than greenfields, or new development projects.
2 min read · 21 January 2013
Multi-family specialist Covenant Capital Group is targeting $300 million for Covenant Apartment Fund VI.
1 min read · 21 January 2013
LPs must seize current market conditions as a chance to push back on terms and secure better alignment of interests, Joe Dear said at a conference in LA. Fellow panelist Harold Bradley, CIO of the Ewing Marion Kauffman Foundation, lamented 'we are feeding a fee machine'.
2 min read · 21 January 2013
