CalPERS Exec Warns of Bubble

By Cust Serv — 14 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 Cust Serv — 14 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 Cust Serv — 14 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 Cust Serv — 14 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 Cust Serv — 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 Cust Serv — 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 Cust Serv — 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 Cust Serv — 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 Cust Serv — 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 Cust Serv — 15 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 Cust Serv — 15 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 Cust Serv — 15 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 Cust Serv — 15 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 Cust Serv — 15 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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CalSTRS to Explore Australia, Japan

By Cust Serv — 15 years ago

The California State Teachers’ Retirement System last week scaled back an ambitious plan that would have created an international private equity portfolio that reached from the Far East to Latin America. Consulting firm McKinsey & Co. had recommended that CalSTRS add developed and undeveloped nations in the Middle East, Far East, Latin America and Eastern […]

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CalSTRS Heads Overseas

By Cust Serv — 15 years ago

Up to one-fourth of the California State Teachers’ Retirement System’s $1.5 billion private equity portfolio could move abroad, according to a new alternative investment plans adopted by the pension fund last Wednesday. More than half of that allocation will go to international buyout funds and the rest will go to venture capital and debt-related investments. […]

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CalPERS Invests in Two PE Funds

By Cust Serv — 15 years ago

Pushing forward on plans to increase the size of its private equity portfolio by $1.35 billion over the next five years, the California Public Employees’ Retirement System (CalPERS) last month made $250 million worth of new commitments to two investment funds. CalPERS invested $125 million in Silver Lake Partners II, a fund managed by Silver […]

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CalSTRS Alters Its PE Strategy

By Cust Serv — 15 years ago

Its private equity portfolio was up nearly 19% in 2003. But the California State Teachers’ Retirement System (CalSTRS) is slowly adjusting its investment strategy, as it moves out of international private equity, distressed debt and mezzanine funds and pours a larger percentage of its capital into venture and expansion-stage equity. A semi-annual performance report prepared […]

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