Christopher Witkowsky

An agreement originally relating to CalPERS' stake purchase limits firm founders' bonuses, which were revealed in an amended IPO registration document filed this week.

The firm has kept its limited partners updated on the situation with its CEO Daniel Mudd, who has taken a leave of absence amid SEC allegations, even though Mudd was not a ‘key man’ in the firm’s private equity funds.

Craig Occhialini will be responsible for ‘maintaining a culture of integrity’ at TorreyCove Capital Partners, which spun out from PCG in a deal backed by Mitsubishi Corporation in October.

A 1% management fee on invested capital was one of several choice economic terms that New Jersey's alternatives chief Christine Pastore helped build into customised funds managed by Blackstone.

The New Jersey pension projects saving $120m in fees over the life of the partnership, in which the system will allocate capital to traditional Blackstone funds and customised accounts with ‘1% and 15%’ term structures.

The bankrupt parent company of American Airlines had $389m-worth of unfunded exposure to private equity funds as of 31 December. It’s not clear if the company will continue to meet capital calls through bankruptcy proceedings.

Some of ILPA’s new directors include Brad Woolworth, head of private markets and real assets for the Philadelphia Board of Pensions and Retirement and Richard Hall, senior director of private markets at the Teachers Retirement System of Texas.

The pension system re-bids the private equity consulting contract every five years. The contract is held by Pension Consulting Alliance until June 2012.

A slow fundraising environment, as well as uncertainty around Wilbur Ross’ future role, has led to hesitation among some investors to commit to the firm's fifth fund, according to sources.

The Los Angeles-based firm will now share 100% of transaction fees on its sixth fund with LPs, up from 80%. Leonard Green has also strengthened LP clawback provisions and changed the carried interest distribution scheme on the fund.