Kyle Campbell
Reports from the pension’s staff and consultant showed the practice to be too costly.
The vehicle has already surpassed the size of its predecessor as it targets a $1bn final close.
Looking to compete with the top equity firms, smaller managers are finding greater leverage when negotiating with investors by offering co-investments
While most managers offer a 50% discount, better deals for investors can be had.
Private real estate’s investors are staffing up and changing their policies to become more adept at using sidecars.
Sidecars have become popular for investors looking to right-size their portfolio and for managers in need of capital. But there is little uniformity in how they are arranged.
Managers and investors alike are approaching sidecars more frequently, in different ways and for new reasons. This increase in popularity, though, has led to some uncertainty.
The North Carolina manager’s first institutional fund beat its targets, but its latest vehicles may not fare as well.
It is difficult to gauge a manager’s track record if its limited partners are inconsistent in how they measure returns.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.