Key Takeaways
- • Monte Tarbox, chief investment officer of the $330bn New York pension system (NYCRS), says he is 'losing confidence' that GPs expanding into the retail market are keeping pension funds at the core of their strategic operations.
- • Tarbox describes it as 'absurd' for private equity managers to pursue retail capital, according to Private Equity International (PEI).
- • The comments signal growing tension between large institutional LPs and GPs that are launching products aimed at individual investors.
Summary
Monte Tarbox, chief investment officer of the New York City Retirement Systems (NYCRS), which manages roughly $330bn, has criticized private equity managers that are pursuing retail capital, calling the trend 'absurd,' according to Private Equity International (PEI).
Tarbox said he is 'losing confidence' that general partners expanding into the retail market are keeping pension funds at the core of their strategic operations. His remarks point to a concern among large institutional investors that fundraising directed at individual investors could shift managers' priorities away from the institutional LPs that have historically anchored private equity fundraising.
The full article is behind a subscription paywall, so this summary is limited to the publicly available excerpt and does not capture further details on specific fund products, firms or the broader scope of Tarbox's comments.
Tarbox said he is 'losing confidence' that general partners expanding into the retail market are keeping pension funds at the core of their strategic operations. His remarks point to a concern among large institutional investors that fundraising directed at individual investors could shift managers' priorities away from the institutional LPs that have historically anchored private equity fundraising.
The full article is behind a subscription paywall, so this summary is limited to the publicly available excerpt and does not capture further details on specific fund products, firms or the broader scope of Tarbox's comments.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.