Rod Calhoun, the head of the Altoona State Investment Board's private equity investment program, considered the message he had just received. It was connected with its fourth fund, and from the leading European buyout fund, Permira, to which Altoona had made a €100 million obligation. The memorandum offered investors a chance to reduce their commitment to Permira IV.
This potential offer was an attractive one, as it would enable the state pension to address its "over-commitment dilemma," one that harassed many institutional investors. However the terms of the bargain gave Calhoun pause.
PUBLICATION DATE: January 06, 2009 PRODUCT #: 809095-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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