CalPERS Tightens Strategy for Next Year

By Cust Serv — 16 years ago

As the state’s fiscal year draws to a close, the California Public Employees’ Retirement System (CalPERS) is mapping out an investment strategy to carry it through the next fiscal year. When the pension fund’s investment committee meets in Sacramento today, it will outline a plan that calls for few new commitments to private equity funds […]

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CalPERS To Review Entire Portfolio

By Cust Serv — 16 years ago

Now that it has settled the yearlong battle for disclosure, the California Public Employees’ Retirement System (CalPERS) has moved on to other things. It has begun the tedious process of evaluating each of the investments in its $6.9 billion private equity portfolio. Today the Sacramento pension fund’s investment committee will review its California Emerging Ventures […]

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UTIMCO Cleared To Release Fund Data

By Cust Serv — 16 years ago

Texas Attorney General Greg Abbott last week ruled that the University of Texas Investment Management Co. (UTIMCO) must release top-line performance data on funds within its private equity portfolio – whether or not those partnerships signed confidentiality waivers. In doing so, he disagreed with arguments put forth by Atlas Venture and Austin Ventures that such […]

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CalPERs To Disclose Grove Street Data

By Cust Serv — 16 years ago

The California Public Employees’ Retirement System (CalPERS) last Monday put an end to nearly a year of tensions between itself, private equity fund managers and the media. All 12 members of the CalPERS investment board approved a plan to post performance data on all 250 funds in its $6.7 billion private equity portfolio on the […]

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CalSTRS Readies For Next Generation

By Cust Serv — 16 years ago

Attention principals, associates and analysts: California State Teachers’ Retirement System (CalSTRS) wants you! The Sacramento pension fund has set aside $100 million to invest in private equity funds managed by young and emerging partnerships. That means it will invest in either funds managed by new partnerships spun out of bellwether firms, young firms raising their […]

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CalSTRS Gives Cambridge Top Honors

By Cust Serv — 16 years ago

After a year of bids, appointments and negotiations, California State Teachers’ Retirement System (CalSTRS) has made one final shuffle to its roster of advisors and gatekeepers. Last week the Sacramento-based pension fund replaced longtime advisor and gatekeeper Pathway Capital Management with Cambridge Associates LLC. Cambridge Associates will recommend private equity partnerships, perform due diligence and […]

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CalSTRS Tries for Greater Disclosure

By Cust Serv — 16 years ago

All but 10 of the general partners in the California State Teachers’ Retirement System’s (CalSTRS) $4.4 billion private equity portfolio have agreed to waive confidentiality agreements to allow the pension fund to disclose how their investments are performing. CalSTRS will release an updated list of internal rates of return (IRRs) at the March 5 meeting […]

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NY Retirement Fund Sets New Direction

By Cust Serv — 16 years ago

A former vice president in Salomon Smith Barney’s investment banking division, David Loglisci, has taken charge of New York State Common Retirement Fund’s $6.5 billion private equity portfolio. He replaced Paula Chester as director of private equity investment January 2. Loglisci has not yet announced changes to the fund’s investment strategy, nor has he made […]

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Yale Bucks Trend, Cuts PE Investments

By Cust Serv — 16 years ago

Bucking a trend that has pulled nearly $1 billion from new limited partners into the private equity arena, Yale University’s $10.5 billion endowment has scaled back its private equity allocation by $800 million to $1.84 billion. After two years of write-downs and only a handful of commitments to new funds, the 30-year old private equity […]

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Washington State Board Turns Down Stake In KKR

By Cust Serv — 16 years ago

The Washington State Investment Board last month indicated it would not buy a stake in Kohlberg Kravis Roberts & Co. The news follows reports in October that both the Washington State Investment Board and the Oregon Investment Council, which each manage roughly $40 billion and $48 billion in assets respectively, were in talks to buy […]

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CalSTRS: Ready for a New Investment Policy

By Cust Serv — 16 years ago

Putting $12 billion to work would be difficult even in good times. In a down market with low valuations and scarce exit opportunities, the task is downright ominous. Add to that a slew of new consultants, gatekeepers, fund managers and staff to manage the portfolio, and you’ve got the California State Teachers’ Retirement System (CalSTRS). […]

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CalSTRS Asked to Disclose PE Returns

By Cust Serv — 16 years ago

The California State Teachers’ Retirement System (CalSTRS) was hit with a Public Records Act request by San Jose Mercury News earlier this month. It asks the pension fund to disclose the performance of its $4.4 billion private equity portfolio. To date, the Sacramento-based pension has not made any fund performance data public, but it has […]

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Yale Gets Squeezed To Disclose Returns

By Cust Serv — 16 years ago

It started in 1997 with a real estate deal gone wrong. Yale University’s $10.7 billion endowment had taken partial ownership of a Colorado ranch that had millions of dollars worth of spring water bubbling underground. However, local residents and environmentalists opposed Yale’s plan to tap the water for profits, prompting the ranch’s owners to spend […]

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CalPERS Decision Threatens Confidentiality of Venture Returns

By Cust Serv — 17 years ago

VCs: First the bad news. The world at large may soon have access to internal rates of return (IRRs) for the 250 private equity funds in the California Public Employees’ Retirement System’s (CalPERS)$20 billion private equity portfolio. On the flip side, it appears unlikely that venture capitalists will be forced to explain how those IRRs […]

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CalSTRS Comes Out of Hibernation –

By Cust Serv — 17 years ago

Since April, the California State Teachers’ Retirement System has devised a new business plan, named a set of investment advisers and approved a series of investment principles, but, until this month, it had not added a single name to its $4.4 billion private equity portfolio. After a four-month long period of hibernation, the $100 billion […]

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HarbourVest closes fund IV

By Cust Serv — 17 years ago

Global private equity firm HarbourVest Partners has closed its fourth fund at $2.8 billion. HarbourVest International Private Equity Partners IV will comprise two separate partnerships and will be invested predominantly in Europe. Around $374 million has been allocated to direct investments, while $2.326 billion is reserved for the fund-of-funds and secondaries business. The firm has […]

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Transparency Debate Heats Up as CalPERS Gets Served

By Cust Serv — 17 years ago

The battle over private equity market transparency moved west last week, when The Mercury News sued the California Public Employees’ Retirement System (CalPERS) for refusing to release detailed private equity investment records. The complaint was filed in San Francisco Superior Court as a writ of mandate under the California Public Records Act, and a first […]

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UTIMCO Releases Private Equity Portfolio Returns

By Cust Serv — 17 years ago

Late Friday, the University of Texas Investment Management Co. (UTIMCO) released fund-by-fund performance data for its private equity portfolio. The disclosure was made in response to several requests under the Texas Freedom of Information Act (FOIA), and could represent the first private market domino to fall as the post-Enron public clamors for greater fiscal transparency. The […]

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