AW Scorecard: Private equity continues to shine

The AW Scorecard for the week ending January 24 revealed another active time in private markets with our tracking of $2.4 billion in new mandates from institutional investors. The majority of the mandates were assigned to private equity managers with BlackRock, MBK Partners, Revelstoke and Wynnchurch collecting fresh commitments. The largest single mandate, however, was in direct lending with Credit Suisse Asset Management beating out 38 other contenders for a $1 billion illiquid credit mandate for Los Angeles County Employees’ Retirement Association (LACERA). Hedge funds though maybe on the horizon this year, with LACERA collecting in coming weeks RFPs for a dedicated managed account provider in the area of emerging manager hedge funds. Firms would source, conduct due diligence on and manage the portfolio. The definition of an emerging manager hedge fund according to LACERA is a fund being less than three years old and having less than $1 billion in assets under management. Also, principals of the firm must always hold at least 66% of the ownership interest of the company. The deadline for responses is February 14 for the $200 million mandate. Ultimately though the pension system expects the use of the platform to encompass existing and future investments across various investment categories that include hedge funds and credit strategies. Use of the platform will depend on the benefits afforded with the DMA structure, officials said in a statement to possible respondents. Here's a full breakdown of the past week’s allocation activity:

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