Skandia and IFIC, along with private equity fund of funds managers JP Morgan Asset Management and CDC Entreprises, have committed to Sofinnova Capital VI. The fund recently closed at EUR 260 million and has already invested in eight European companies in the cleantech, healthcare and wireless technology sectors. Stockholm-based Skandia, a subsidiary of the Old Mutual insurance group, has assets of approximately EUR 25 billion and a 10% target allocation to private equity (of which 80% is allocated to buyout funds and 20% to venture funds). Kuwait-based IFIC has a USD 180 million investment portfolio and has previously invested with private equity firms Abraaj Capital, Eastward Capital Partners, Evolvence Capital, Gartmore Private Equity, Granville Baird, Lion Capital, Orchid Asia Management, TA Associates and Wasserstein & Co.
Another private equity investor, Pennsylvania State Employees’ Retirement System (PASERS), has agreed to commit to a new energy focused buyout fund. Harrisburg-based PASERS has made a USD 25 million commitment to Oaktree Power Opportunities Fund III. The buyout fund is targeting USD 800 million and will invest in US companies involved in the distribution, marketing, or trading of gas and electricity. PASERS has invested in over 10 previous Oaktree Capital Management funds since 1996. The USD 24 billion pension plan has a 23%, or USD 5.5 billion, allocation to private equity and is significantly over its 12% target. PASERS currently has a geographic preference for North America and Western Europe. In the short term, it expects to have a growing private equity allocation due to its high level of unfunded commitments. Over the longer term, however, it will be significantly reducing exposure to the asset class in line with its allocation target. PASERS is advised by Cambridge Associates for its private equity investments.
For more information on investors in private equity please click here see how Investor Intelligence can assist you.