Friday, 25 July 2014
Last updated 17 min ago
Nov 14 2007 | 10:07am ET
The $16 billion State Universities Retirement System of Illinois is committing $100 million to the Adams Street Partners 2008 Global Offering Program, a private equity fund of funds.
The Global Offering will be structured to combine three separate private equity funds, the U.S. fund, the non-U.S. fund and the direct fund into one offering, according to an internal memo. The new vehicle will invest in a portfolio of private equity partnerships diversified by time, manager and subclass such as venture capital, buyout, mezzanine/subordinated debt, restructuring/distressed debt and special situations. Typically, commitments will be invested over a three to four year period.
Over the years, SURS has invested over $1 billion in several Adams Street Partners funds. Of this amount, $920 million has been distributed back to SURS and as of March 31 the market value of its investments in Adams Street Partners was $500 million.
“Investment performance with Adams Street Partners has been excellent for SURS. The inception-to-date internal rate of return, net of fees, for the relationship is 27.5%,” according to the memo.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…