GLOBAL - The global private equity industry raised US$50.4bn in the first quarter of 2010, representing a 5% improvement from the last quarter of 2009, the latest report by Preqin revealed.
Data showed this amount was collected from 79 final fund closes from January to March.
However, Preqin said fundraising was still occurring at a slow pace and was taking longer for the improving global economic conditions to translate into an improved fundraising market than many expected.
The research firm added a major factor driving fundraising was the cash-flow situation for limited partners - investors in private equity, such as pension plans.
It said: "Looking at the levels of capital being called up and distributed to investors reveals that investors have experienced a significant reduction in the levels of both capital being called up and distributed from existing investments when compared to recent years."
However, it added whereas in 2004 - 2007 the level of capital being called up and distributed was relatively evenly weighted, and for buyout funds in particular there was actually far more capital being distributed than called up, the past two years have seen the level of capital being called up far outweighing capital distributions.
It said, as a result, investors have more capital sitting in existing investments than originally anticipated and have less capital to commit to recycle into new private equity vehicles.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.