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Investment advisers report gains across public and private programs; venture capital remains immature
Summary
Advisers told the San Jose Federated board that the pension and health-care trusts saw strong recent returns across public equity and private markets distributions, but venture capital allocations remain early in their J-curve and private-equity realizations have been slow until Q2.
Investment advisers to the San Jose Federated plans presented quarterly performance updates to trustees on private markets and broader portfolio returns, reporting strong recent absolute returns while cautioning that some private programs are still maturing.
Neuberger's Casey Boyer told trustees the private-equity program showed modest Q1 valuations and a better Q2 pickup, with combined net TVPI (total value to paid-in) near 1.85 in Q1 and a 1.89 preview for Q2, and roughly $14 million in distributions returned since Q1. Boyer said one value-buyout exit produced an 8x multiple for that underlying fund, which materially contributed to recent distributions.
Akita Investment Group's…
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