New York Seeks Greater Freedom For PE Investment

By Staff Report — 13 years ago

The Empire State may be striking back at the laws that govern its pension investment. A bill proposed in the New York State Senate would alter the rules governing pension investment and free the state to, among other things, increase its pensions’ private equity allocations. State Senator Joseph Robach proposed State Senate bill S3894 at […]

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CalPERS Taps Fund Manager, Adds Markets

By Larry Aragon — 13 years ago

The California Public Employees’ Retirement System (CalPERS) announced last week that it again picked Santa Monica, Calif.-based Wilshire Associates as the primary pension consultant to its $182 billion fund. This didn’t come as any surprise to the firm. It has served CalPERS in that capacity for the past 22 years. Wilshire is credited with overseeing […]

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NY Seeks More Freedom for PE

By Staff Report — 13 years ago

The Empire State may be striking back at allocation volatility and the laws that govern its pension investment. A bill recently proposed in the state senate would alter the rules governing pension investment and free the state to increase its pensions’ private equity allocations. For instance, if passed, the bill would eliminate the alternative investment […]

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AlpInvest And Lexington Buy $1.2B DPL Portfolio

By Staff Report — 13 years ago

It’s lights out for the private equity business at DPL (NASDAQ: DPL) the parent company of Dayton Power & Light Co. The Dayton, Ohio-based energy giant announced earlier this month that it sold its private equity portfolio to AlpInvest Partners and Lexington Partners for approximately $850 million. The portfolio involved contains about $1.2 billion in […]

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CalPERS Exec Warns of Bubble

By Staff Report — 13 years ago

Mark Anson, chief investment officer for the California Public Employees’ Retirement System (CalPERS), warned last week that the U.S. private equity market could be building toward a bubble. The comments were made during a conference in Geneva, with Anson pointing to a confluence of LBO fund capital overhang, rising interest rates and increased competition from […]

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NJ Pension PE Move Advances

By Staff Report — 13 years ago

At a time when there is a glut of capital trying to find a home in venture funds, the state of New Jersey is inching closer to adding $9 billion to the alternative asset class. The Garden State’s Investment Council on Jan. 20 approved rules and procedures to establish the Alternative Investment Program. The AIP […]

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HarbourVest, Nova Buy Portfolio

By Staff Report — 13 years ago

21996; HarbourVest Partners can’t get enough of European cuisine, particularly cheap venture dishes. It recently bought the assets of the West LB Growth Fund from the German investment bank West LB. London’s Nova Capital Management will manage the assets. The firms declined to disclose the price of the deal, but the 15-company portfolio has $75 […]

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CalSTRS Has Small Aspirations

By Staff Report — 13 years ago

Most limited partners say they target new and emerging funds, but few actually have a plan in place to find these new managers. The California State Teachers’ Retirement System, has put together such a plan, tapping fund-of-funds firm INVESCO Private Capital to coordinate the initiative. For the larger pension plans, investing in these next generation […]

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CalPERS Forced To Disclose Management Fees –

By Staff Report — 14 years ago

The California State Employees’ Retirement System (CalPERS) last week became the nation’s first public pension system to disclose management fees paid to private equity and venture capital partnerships, following the settlement of a lawsuit brought in September by the California First Amendment Coalition (CFAC). CFAC, a non-profit association of media organizations and related entities, began […]

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CalPERS in Court Again, this Time Over Disclosure of Fees

By Staff Report — 14 years ago

The California Public Employees’ Retirement System (CalPERS) is getting dragged back into court over its refusal to disclose certain private equity fund investment information. Last Tuesday, the California First Amendment Coalition (CFAC) filed suit in San Francisco Superior Court, requesting that CalPERS be forced “to release all reports showing the amount of fees paid to […]

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CalPERS reduces PE allocation by 1%

By Staff Report — 14 years ago

The California Public Employees’ Retirement System (CalPERS) Board of Administration has voted to adopt a modest revision to its asset allocation mix that better reflects the system’s current investment holdings in an effort to reduce risk and save on transaction costs. The revised asset allocation mix calls for a 1% increase in both the pension […]

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CalPERS Raises Bar on Hedges

By Staff Report — 14 years ago

The California Public Employees’ Retirement System (CalPERS) is forging ahead in the risky arena of hedge funds. The nation’s largest pension fund announced this month it would double its hedge fund assets from $1 billion to $2 billion. CalPERS, which began investing in hedge funds four years ago, calls the program a success. “Hedge funds […]

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NJ Pension Investment Fight Heats Up

By Staff Report — 14 years ago

The battle over how New Jersey invests its state pension funds has intensified as the New Jersey State Investment Council approved a plan to invest 13% of its $66 billion in assets into alternative investments. The plan would allocate five percent, or about $3.3 billion, of its assets going to private equity. The plan faces […]

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CalPERS Invests in 5 New Funds

By Staff Report — 14 years ago

The investment committee of the California Public Employees’ Retirement System (CalPERS) authorized $306 million of new commitments to five private equity funds at its meeting last week in Sacramento, Calif. The pensioner added two buyout funds, a secondaries fund and two international private equity funds. CalPERS invested $200 million in Hellman & Friedman Capital Partners […]

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CalPERS Commits to Pitango

By Staff Report — 14 years ago

Israel’s Pitango Venture Capital closed its fourth fund with $300 million after less than a year of fund-raising. Its close of the fund marks the end of a two-year fund-raising drought in Israel. After a banner year in 2001, when Israeli firms raised $1.3 billion, fund-raising came to an abrupt halt in 2002, when firms […]

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California Teachers Hot for PE

By Staff Report — 14 years ago

For the second year running, the California State Teachers’ Retirement System (CalSTRS) posted gains for its $116 billion investment portfolio, setting a positive tone for the pension fund as it enters a new fiscal year. Overall, the pension fund’s value jumped 17.4% during the 2003-04 fiscal year. As of June 30, its private equity portfolio […]

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CalPERS Loses Hayes To Oak Hill

By Staff Report — 14 years ago

Rick Hayes, an advocate for public LPs, earlier this month tendered his resignation as head of private equity investments for CalPERS to become a managing partner at Oak Hill Capital Management. Hayes could not be reached for comment, but a spokesman for CalPERS, the nation’s largest pension fund, confirmed that Hayes had resigned as senior […]

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CalSTRS Backs Down On Plan

By Staff Report — 14 years ago

Scaling back an ambitious plan to create an international private equity portfolio that reached from the Far East to Latin America, the California State Teachers’ Retirement System’s CalSTRS investment committee last Wednesday opted instead to stay put in Canada, the United Kingdom and Europe and to make new investments in Australia and Japan. According to […]

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