Toby Mitchenall
LPs are turning away existing relationships as they bump up against their target allocations. Almost two-thirds will sell interests on the secondaries market to focus resources on the best GPs, according to an LP survey.
Investcorp has become the latest firm to take cost-cutting measures as it plans to lose 90 staff. Earlier this week the firm invested in UK debt management company TDX Group.
The listed buyout firm is will eliminate 100 jobs, mostly in back-office functions such as human resources and marketing.
The second-largest pension fund in the UK is increasing its headcount as it seeks to grow its alternative asset allocation to private equity and infrastructure.
After a promising start to its latest fundraising, tough market conditions have forced the Paris- and London-based firm to lengthen the fundraising period for its €250m renewables fund.
The firm has sold its substantial portfolio of Portuguese wind energy businesses and is currently in negotiations to sell off similar assets in Germany, France and Greece as it seeks to relieve its debt burden.
The global buyout group has taken another step away from venture capital. It closed its venture-focused Boston office last year.
The development-focused fund of funds has received a revised investment remit from its shareholder the UK Government, which will redirect investment from China and Latin America to Sub-Saharan Africa.
Economic turbulence is throwing up opportunities for emerging market-focused private equity funds to make investments at favourable prices, but capital-constrained LPs are urging caution.
The German and US alternative investment manager is joining forces with Cukierman & Co, an Israeli investment banking group, to launch a €200m private equity fund. Cukierman is also pursuing hydroelectric infrastructure projects in Georgia.