Are pensions not GPs?
Please don't MS, but I'm confused. Don't pensions like OTPP make a lot of direct PE investments so would they not act as GPs? Or am I misunderstanding what it means to be an LP and a GP?
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They are both. For example BCI is an LP to a variety of, say, PE/Infra funds but also has significant direct investments in the Pe/Infra space (which is why they’ve built out a dedicated direct PE/Infra team). In many ways they are just GPs to the 8-10 public sector pension plans of whom’s funds they manage, of which they take this capital and act as LPs to, say TPG or Advent or whoever
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