“Increasing allocations will come down to cash flows,” according to Bain & Co. in its recent Global Private Equity Report 2024. The practical impact of net cash flow position for buyout fund investors, reflected in DPI, will be a primary driver of fundraising in 2024.
CalPERS will be upping its private market allocation to 40% of plan assets, after a board decision on March 18. PE will increase to 17% from 13 and private debt to 8% from 5% of plan assets.
Blackstone’s purchase of $1.1 billion in credit card receivables from Barclays and KKR’s acquisition of a $7.2 billion RV loan portfolio from Bank of Montreal illustrate a trend of private credit expansion into asset-backed finance. Continued balance sheet pressure at banks suggests more such transactions may be coming.
Texas Permanent School Fund announced that it will replace BlackRock as manager on $8.5 billion of investments.
