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Bloomberg Brief: Private Equity COMMITMENTS

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Bloomberg Brief: Private Equity COMMITMENTS Wednesday July 13, 2016 www.bloombergbriefs.com DPE Said to Plan Biggest Growth Fund Yet QUOTED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS Deutsche Private Equity GmbH is trying to gather its biggest private equity growth "There was no real fund yet, according to two people with knowledge of the fundraising. investment opportunity. It was DPE has put a 475 million euro ($526.59 million) target on the new fund, one of the just a way for me to get people said, while the other said it could be as high as 500 million euros. If 500 million money to feed a gambling euros are secured, the fund will be 43 percent bigger than its predecessor DPE II, which addiction that was all- closed in 2013 with 350 million euros, according to data compiled by Bloomberg. The firm is seeking capital in what is expected to be a stronger fundraising year for the consuming at the time." German private equity market after a slower 2015. German private equity firms raised — Former Park Hill Group Partner Andrew 1.33 billion euros last year, down from 2.78 billion euros in 2014, according to the Caspersen, who pleaded guilty to wire and German Private Equity and Venture Capital Association, BVK. The group expects strong securities fraud fundraising in 2016, with 28 German firms in the market or planning to raise funds this year, according to a March 2 statement. Those firms plan to raise a combined 3.1 billion THE WEEK IN NUMBERS euros. Investors in DPE's prior fund include several vehicles managed by German fund of $14B — amount raised by funds manager RWB Group, according to data compiled by Bloomberg. Performance Brookfield Asset Management for data for that fund was not available. its latest infrastructure fund. Munich, Germany-based DPE in February sold its stake in shipping-industry software 57% — proportion of real estate company Interschalt Maritime Systems AG to Finland-based Cargotec Corp., investors planning to cut exposure to according to a statement. Terms on the deal were not disclosed. U.K. real estate in the next 12 DPE was founded in 2007 as an independent German investment company to deploy months, following the British vote to capital in Germany, Austria and Switzerland and has about 600 million euros under leave the EU, according to a survey. management, according to its website. DPE founder and managing partner Volker Hichert declined to comment on the fundraising. MEETING TO WATCH More Managers Met, Beat Fundraising Targets in First Half Kern County Employees' Retirement Association's board is due to consider boosting its real estate allocation and setting a first target allocation to private credit at a July 13 meeting. IN THIS ISSUE FUNDRAISING. Hidden Harbor is said to be preparing to raise a debut fund. REAL ESTATE. The Brexit vote should create real estate debt investment opportunities, according to DRC Capital Managing Partner Dale Lattanzio. Q&A. GPs are getting aggressive with fundraising timelines, according Fundraising was strong in the first half of 2016, with 89 percent of all private funds that to Commonfund Capital's Miriam closed in the period meeting or exceeding their target sizes, according to data compiled Schmitter. by Bloomberg. That's up from 84 percent in the first half of 2015. A total of 1,127 funds were raised during the half, gathering $295.5 billion in commitments. — April Kim, Bloomberg Data Analyst FROM THE MINUTES COMPILED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS July 13, 2016 Bloomberg Brief Private Equity 2 FROM THE MINUTES COMPILED BY AINSLIE CHANDLER, BLOOMBERG BRIEFS Kern County Considers Credit; Calstrs Channels Bachman-Turner Overdrive Kern County Employees' Retirement $125 million to CVC Growth Fund I LP, private equity investment at its July 7 Association's board is due to consider $31 million to CVC Growth Co- meeting. The board was also due to have boosting its real estate allocation and Investment Fund LP, $400 million to education on the topic of infrastructure. setting its first target allocation to private Vista Foundation Fund II LP, $250 million >Click here for the agenda. credit at a July 13 meeting, according to to Oak Hill Advisors Strategic Credit the meeting agenda. Consultants Verus Fund II and $300 million to Brookfield Stanislaus County Employees' have suggested the pension reduce its Infrastructure Fund II LP, according to Retirement Association plans to start a allocation to domestic and international the statement. search for private credit, value-add real equities and to commodities, while >Click here for the full statement. estate and private equity managers in allocating 5 percent to private credit and early 2017, according to a report from boosting real estate to 10 percent from 5 Pontiac General Employees' consultants Verus for a June 28 meeting. percent. Under the Verus Retirement System is planning to The searches come as the pension rolls recommendation, the pension's private commit between $20 million and $45 out a new six-year asset allocation plan equity allocation would stay at 5 percent. million to open and/ or closed-end real approved in May. Meanwhile, Raven >Click here for the agenda. estate funds, according to a Request For Capital Management has secured $330 Proposal on Dahab Associates' website. million in commitments for Raven Asset- California State Teachers' The Michigan pension, which has about Based Opportunities Fund III LP, Retirement System plans to maintain its $458 million in total assets, will consider according to a separate June 28 report. long-term investment private equity domestic and international-focused core, >Click here for the reports. pacing goals despite high valuations and core-plus and value-add managers, according to the RFP. high levels of dry powder in the sector, California Public Employees' >Click here for the RFP. according to its Investments Branch Retirement System's board of Business Plans report. The report, due to administration and executives are due to be discussed at its July 14 investment Los Angeles City Employees' discuss fiscal year-end results at a July committee meeting, is themed "Takin' Retirement System's emerging 18 to 20 offsite meeting, according to the Care of Business," a reference to managers program committed to seven agenda. They will hear a presentation Bachman-Turner Overdrive's hit song. private equity managers and one real called "2035 Vision: Investing in the "Past experience has proven many times estate manager in the three years to Future" from R. Jesse McWaters, who over that attempting to time private equity Dec. 31, 2015, according to a staff report leads the World Economic Forum's work markets to any large degree is difficult to its July 12 board meeting. In 2015, the on innovation in financial services. and probably unwise," according to the pension committed $10 million apiece to >Click here for the agenda. report. "Past experience also dictates 1315 Capital LP, Angeles Equity that it is also unwise to be fully swept Partners LP, CenterGate Capital away by the momentum of rising Partners I LP and New Water Capital Milwaukee Employes' Retirement valuations, shortened fund raising cycles Partners LP. It committed $20 million to System's investment committee is and rapidly increasing fund sizes." real estate fund Gerrity Retail Fund 2 LP. scheduled to hear a presentation from Calstrs' private equity portfolio was worth The pension's real estate committee is Cornerstone Investment Partners at its $17.6 billion at March 31, the report said. expected to hear reports on real estate July 14 meeting, according to the agenda. >Click here for the report. debt investors Cornerstone Real Estate >Click here for the agenda. Advisers and Quadrant Real Estate New York State Common Retirement Advisors LLC at its July 13 meeting. Louisiana School Employees' Fund has committed $500 million to New- >Click here for the staff report. Retirement System's board of trustees York focused co-investment funds >Click here for the July 13 agenda. is due to hear presentations from managed by Hamilton Lane, according to Orleans Capital Management and a statement from state comptroller Meketa Investment Group is now Kleinwort Benson Investors at its July 18 Thomas DiNapoli. The pension system Orange County Employees Retirement meeting. committed $200 million to New York System's general investment consultant, >Click here for the agenda. Credit Co-Investment Fund II, a credit taking over from NEPC on July 1, fund which will invest in lower middle according to a report from the pension's Municipal Fire and Police Retirement market New York State-based Chief Investment Officer Girard Miller. System of Iowa's board of trustees businesses, according to the statement. >Click here for the report. committed $30 million to Adams Street It committed $300 million to Hudson US Small Market Buyout Fund and $30 River Co-Investment Fund III LP, which million to Siguler Guff Hawkeye will invest in small and middle-market Municipal Fire & Police Retirement Opportunities Fund at its July 7 meeting, companies. The pension also committed System of Iowa's board of trustees was expected to consider an unspecified according to a flash report. >Click here for the report. REAL ESTATE July 13, 2016 Bloomberg Brief Private Equity 3 REAL ESTATE DRC’s Lattanzio Sees Real Estate Debt Opportunities Post-Brexit BY AINSLIE CHANDLER, BLOOMBERG BRIEFS Investors Plan to Cut U.K., EU Property Exposure Britain’s decision to leave the European Union should create opportunities for real estate debt investors once the short term uncertainty is resolved, according to DRC Capital managing partner Dale Lattanzio. London-based DRC is trying to gather its biggest fund yet, putting a 500 million pound target and 750 million pound cap on DRC European Real Estate Debt Fund III.
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