Recker: Michigan Retirement System Backed Accel, Blackstone, and Berkshire in Fund I
Tim Recker · Tim Recker - Concentration at the James Irvine Foundation (Capital Allocators, EP.100) · May 20, 2019 · at 12:40
Tim Recker discusses the history of the Michigan Retirement System's $13 billion alternative investment program.
0:00 / 0:12exact quote · 12.0s
720p mp4 · rendered on demand · StarZero watermark
“But they were first fund investors with Excel Ventures, with Blackstone, with Berkshire Partners, just a long list of firms that were excellent firms. They were there in fund one.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Tim Recker
Recker: Irvine defines great venture funds as 10x or better
“I think we define great as a fund that's 10 X or better. And so a lot of funds are asking for premium carry when we tell them we would fire them in our portfolio.”
LPs Often Analyze Deals Better Than GPs Due to Cross-Firm Perspective
“What we found through that experience, and through just the engagement that we had with managers, generally speaking, we actually were bright more than the managers were in terms of our analysis. And I don't think it's a function that we were smarter or better…”
UC Regents Required Buyouts to Offer Co-Investments or Hit 2.5x Net
“So we actually told our managers, if you cannot generate co-investment, there's not a role in the portfolio for you, unless you can, for buyout funds, unless you can generate a two and a half net fund returned to us. And so that's a pretty high bar. We general…”