AW Investor Scorecard: Investors commit to PE giants, further diversify credit holdings

Institutional allocators of various sizes have been busy building out their private equity and credit programs, allocating to some of the largest brands with over $13 billion being put to work within the AW June Investor Scorecard.

Compiled by AW Research, the AW Investor Scorecard is a tally of the reported investor activity over the previous month. In some instances where pension programs report quarterly activity, the numbers are particularly striking with activity among the nation’s largest public pension plans in California, Washington, Connecticut and Oregon.

The largest mandate totaled $1 billion and was CalPERS’ allocation to Hellman & Friedman’s tenth fund, which recently closed at $24 billion in assets. The fund focuses on large-scale growth private equity investments.

New allocations to the Hellman & Friedman fund in 2021, as reported by Alternatives Watch, were: California Public Employees’ Retirement System ($1 billion); Massachusetts Pension Reserves Investment Management (PRIM) board ($350 million); Texas County & District Retirement System ($150 million); Los Angeles County Employees Retirement Association ($150 million — a re-up); New Jersey Division of Investment ($200 million); and New Mexico State Investment Council ($75 million).

Private equity strategies have come out as winners. In the month of June, a total of $9.5 billion in capital or roughly 73% of the month’s investment activity was within private equity funds.

By comparison, private credit remains popular as new funds are launched, but last month only $1.8 billion flowed into the space. Roughly the same amount flowed into real assets and real estate.

Below is our monthly run-down of alternative investment activity among the world’s largest investors.

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