New Jersey Close to Raising Cap on Alternatives

By Cust Serv — 8 years ago

The New Jersey State Investment Council cleared the last hurdle before a final vote to allow the state’s $72 billion pension fund to allocate as much as 38 percent to alternative investments like private equity, hedge funds and real estate. That is 10 percentage points higher than the current 28 percent cap. A final vote […]

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CalPERS Targets $5B In Infrastructure Buys

By Reuters News — 8 years ago

The California Public Employees’ Retirement System, the biggest U.S. public pension fund, sees itself buying more stakes directly in assets such as roads and airports as it targets $5 billion in infrastructure investments, one of its portfolio managers said. “Direct investment is definitely a goal of our (infrastructure) program. We have a target of $5 […]

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More Resignations In CalPERS AIM Unit

By Cust Serv — 8 years ago

A pair of resignations at the California Public Employees Retirement System, the nation’s largest pension fund, is paving the way for CalPERS’s chief investment officer, Joseph Dear, to restructure the team that manages the pension fund’s $32 billion in alternative investments. Joncarlo Mark, a senior portfolio manager in the Alternative Investment Program who has worked […]

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California Pensions Adopt New Risk Strategies

By Cust Serv — 8 years ago

California’s two giant pension funds are in the process of changing the way they allocate assets following their combined $168 billion in losses between October 2008 and March 2009 (they have since recouped about $103 billion). Last week, the $146 billion California State Teachers’ Retirement System approved a new strategy of incorporating a new set […]

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CalPERS Confirms U.S. Probe

By Cust Serv — 8 years ago

The giant California Public Employees’ Retirement System acknowledged that federal authorities, including the Securities and Exchange Commission and California-based federal prosecutors, have requested millions of documents as part of a probe into bribery allegations that have shaken the giant pension fund. The disclosure was mentioned in materials released at CalPERS’s Feb. 14 board meeting and […]

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CalSTRS, CalPERS Stronger In 2010

By Cust Serv — 8 years ago

The state of California has no shortage of financial woes, but returns for its two biggest public pension systems are back to levels not seen since the 2008 economic implosion. Indeed, in quick succession, the $146.4 billion California State Teachers’ Retirement System and the $225.7 billion California Public Employees’ Retirement System reported meaningful gains in […]

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AlpInvest Executives Cheer At Equity Stake

By Cust Serv — 8 years ago

Management at AlpInvest Partners NV is expressing no small amount of glee at the sale of their company, Europe’s largest private equity investor, to The Carlyle Group by its Dutch pension fund owners, APG and PGGM. For the first time, AlpInvest’s management stands to gain a direct equity stake in firm, something that is nearly […]

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CalPERS Tweaks Approach To Risk

By Cust Serv — 8 years ago

The California Public Employees’ Retirement System is tweaking its asset allocation strategy, reducing its allocation to fixed income and boosting its allocations to highly liquid and inflation-linked assets, as a way to improve the risk-adjusted performance of its $220 billion-asset fund. Administrators of the nation’s largest public pension fund are betting the new approach will […]

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Carlyle-AlpInvest Hook-up Would Set Stage For IPO

By Cust Serv — 8 years ago

An acquisition of funds-of-funds manager AlpInvest Partners N.V. by The Carlyle Group would make the latter more attractive to investors if the firm goes public next year as is widely expected. A source familiar with the deal talks confirmed to Buyouts on Dec. 23 that the Washington, D.C.-based firms is in talks to buy the […]

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Penn SERS Cuts Target Of Alternatives

By Cust Serv — 8 years ago

Anticipating higher payouts to retirees in the years ahead, the Pennsylvania State Employees’ Retirement System plans to throttle back its allocation to buyouts and venture capital in favor of more conventional stocks and bonds. The board, meeting in December, adjusted its allocations to various asset classes, “in order to meet the liquidity needs arising from […]

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LP Profile: Hamilton Lane Finds It’s Good To Be Global

By Cust Serv — 9 years ago

For someone supervising billions of dollars in commitments each year, Erik Hirsch, chief investment officer at advisory shop Hamilton Lane, is more approachable than you might think. When an industry conference ends, Hirsch and his colleagues at Hamilton Lane don’t dodge general partners, as so many limited partners do. They typically hang around to network. […]

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Washington Edges Above Allocation Target

By David M. Toll — 9 years ago

The Washington State Investment Board has edged above its target allocation, thanks to private equity accounting for 25.3 percent of its $56.3 billion portfolio as of the end of September. Its target allocation is 25 percent. What that means for one of the industry’s biggest limited partners—the board committed more than $3 billion to private-equity […]

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Florida Pledges To J.H. Whitney, Trident

By Cust Serv — 9 years ago

The Florida State Board of Administration recently committed a total of $150 million to two private equity firms, although it stands slightly above its target to the asset class. One pledge, a slug of $75 million, went to J.H. Whitney VII, earmarked for investments in U.S.-based small and mid-market companies with strong growth prospects in […]

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Michigan Lowers PE Target But Still Has Millions For Pledges

By Cust Serv — 9 years ago

Michigan’s Bureau of Investments, an arm of the Michigan Treasury Department that invests on behalf of the $45 billion State of Michigan Retirement Systems, has decided to reduce its target allocation to private equity to 14 percent from 16 percent. Even though the actual allocation to private equity is now about 21 percent, the limited […]

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New Jersey May Up PE Allocation

By Cust Serv — 9 years ago

The $70 billion New Jersey State Investment Council is considering raising its upper limit to private equity exposure to 12 percent from its current cap of 7 percent. The state’s actual private equity allocation stood at 6.5 percent as of August 31. The State Investment Council is considering a change in the rules that would […]

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Wash State Likes Lat Am, Tech Funds

By Cust Serv — 9 years ago

The $58 billion Washington State Investment Board recently pledged up to $400 million to Latin American buyouts and a health care and technology fund. Southern Cross Latin America Private Equity IV LP received a commitment of up to $100 million, and GTCR Fund X LP got a pledge of up to $300 million, a spokeswoman […]

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Oregon Wins Lower Fees From PE Firms

By Cust Serv — 9 years ago

The Oregon State Treasury has negotiated lower fees and better terms with six private equity firms, and is in talks with two other general partners to do the same. The state is taking advantage of a fundraising market in which too little capital is available for too many firms seeking it. One of the firms […]

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