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The two profit-for-member funds have delayed their merger date by six months due to concerns about market volatility and to help ease staff working arrangements.
Two of Australia’s largest funds, AustralianSuper and UniSuper, have booked significant devaluations of their unlisted asset portfolios in response to the coronavirus crisis.
Heavily invested legacy vintages might suffer more than funds in market, with the jury still out on whether this crisis will be sharp and short like the GFC, or sharp and longer-lasting running through various cycles.
Drawdowns could enable managers to pre-empt liquidity issues arising from the pandemic but may compound the problem for certain LPs.
REM - Light rail - Montreal
Plenary Americas’ senior management will retain a minority equity stake in the business, while CDPQ will take a near-90% interest in the PPP portfolio.
Managers should get ready for internationalisation, downward pressure on fees and bigger private capital allocations, should the current wave of mergers come to pass.
Sydney skyline
Speaking at a conference in Sydney, Mark Delaney highlighted the stronger-than-expected returns generated by infrastructure in comparison to bonds.
Change concepts with orange paper airplane leading among white
A statement from pensions with combined assets of nearly $2trn is a clear warning to sceptics.
The two funds, which both count public-sector workers among their membership, say a merger will lead to stronger returns and lower fees for members.
Alaska
The $68bn investor has received 'unsolicited proposals' to partially outsource and invest its alternative asset investment unit.
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