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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CalSTRS Names New Advisor

By Cust Serv — 17 years ago

As soon as contract negotiations are completed, Altius Associates Ltd., a private equity advisor with offices in Copenhagen, London and Richmond, Va., will begin managing CalSTRS’ $585 million international private equity portfolio. Although the Sacramento-based California State Teachers’ Retirement System nearly reached its allocation target for international private equity investments – 15% of the fund’s […]

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CalSTRS Looks For Benchmarks

By Cust Serv — 17 years ago

Faced with the possibility that private equity write-downs could drive down the value of its $100 billion portfolio the California State Teacher’s Retirment System’s (CalSTRS) investment committee last week argued in favor of creating a benchmark to standardize measurement of private equity returns. If LPs are able to benchmark returns, they will be able to […]

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CalSTRS Names Four Gatekeepers

By Cust Serv — 17 years ago

Nine months after announcing it would split the role of its consultant into separate gatekeeper and strategist functions, the California State Teachers’ Retirement System has named four gatekeepers and a single finalist for the strategist role to manage its $4.4 billion alternative investment portfolio. Ernst & Young Corporate Finance in Los Angeles, Houlihan Lokey Howard […]

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CalSTRS Makes Distressed Debt Commitment

By Cust Serv — 17 years ago

Three months after its investment committee suggested an opportunistic move that would allow the pension fund to commit up to $300 million to distressed debt funds, the California State Teachers’ Retirement System (CalSTRS) made its first move into the sector with a $25 million investment in Angelo, Gordon Capital Recovery Partners III LP. This investment […]

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CalPERS Pushes Ending IRRs?

By Cust Serv — 17 years ago

Be gone, IRRs! Come June, limited partners will demand a new “cash-in and cash-out” standard for measuring returns on private equity funds. “IRRs are meaningless,” says Richard Hayes, chairman of the newly incorporated Institutional Limited Partners Association (ILPA) and senior investment officer for CalPERS’ alternative investment program. “Although IRRs are an indication of how a […]

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CalPERS Pulls VC Support From Four Nations

By Cust Serv — 17 years ago

Venture capitalists are getting so picky these days that soon they may have to cater to investors with special demands on where or what type of investments are made. The issue came to the forefront recently when the California Public Employees’ Retirement System (CalPERS) announced plans to pull out of four controversial countries. CalPERS, which […]

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Hamilton Lane: Watch Out For That Bus

By Cust Serv — 17 years ago

If you’re trying to raise money from mega fund-of-funds Hamilton Lane, don’t be surprised if you’re asked about bus accidents. “I kind of like to refer to it as the hit-by-the-bus clause,” says Paul Yett, vice president and general manager of venture capital at Hamilton Lane. “The question I ask is: If John Smith gets […]

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CalPERS Commits To Yucaipa Fund

By Cust Serv — 17 years ago

The California Public Employees’ Retirement System (CalPERS) has taken its investment strategy to a whole new level. Not only did CalPERS, the largest public employee pension fund with over $140 billion in assets, commit $250 million to Yucaipa American Funds> (YAF) – it also invested $35 million into the holding company to take an undisclosed […]

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CalPERS Invests In Thai VC Fund

By Cust Serv — 18 years ago

The California Public Employees’ Retirement System (CalPERS) has carved out a $75 million stake in a $250 million private equity fund that is to target Thai companies with pools of growth and expansion capital. The Thailand Equity Fund, co-sponsored by San Francisco-based Lombard Investments Inc. and the World Bank’s International Finance Corp. (IFC), will invest […]

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CalSTRS Warms Up To Alternatives –

By Cust Serv — 18 years ago

The California State Teachers Retirement System (CalSTRS) last month evaluated its asset allocations and made some notable changes in favor of private equity. The $96 billion pension fund decided to increase its allocation to alternative assets to 8% from 4.9%. While some private equity fund raisers, particularly rookies, are having a tough time finding the […]

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CalPERS Injects $10M Into American

By Cust Serv — 18 years ago

American River Ventures, one of a handful of new Sacramento, Calif.-based venture firms intent on financing a new generation of regional entrepreneurs, last week received a $10 million jump-start from the California Public Employees Retirement System (CalPERS). CalPERS’ investment is the first institutional commitment toward the first-time fund’s $25 million fund-raising target. Once the firm […]

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As Florida Pension Changes, Will Others Follow?

By Cust Serv — 18 years ago

Despite the arrival of spring, there’s a dark cloud hovering over private equity firms that receive commitments from state pension funds. While upcoming changes to the Florida Retirement System could possibly give the group less to invest in alternative assets when they take effect next year, they also mark the start of a slow, steady […]

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CalSTRS Looks To Secondary Market

By Cust Serv — 18 years ago

California State Teachers? Retirement System?s board of directors last week eased its investment approval process for the purchase of secondary interests in private equity funds, thus opening the gates for a possible flood of capital into the secondary market. As private equity investors reach target allocations or liquidate their portfolios to cover losses in other […]

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CalPERS Closes $500M PE Vehicle

By Cust Serv — 18 years ago

The California Public Employees’ Retirement System (CalPERS) is once again changing the way public pension funds do business. The fund, which manages $170 billion in assets, this month closed its $500 million CalPERS Corporate Partners Fund that was originally announced last June. The fund is a joint venture with Pacific Corporate Group (PCG), a fund […]

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CalPERS Closes Fourth New Vehicle

By Cust Serv — 18 years ago

The California Public Employees’ Retirement System (CalPERS) is once again changing the way public pension funds do business. The fund, which manages $170 billion in assets, this month closed its $500 million CalPERS Corporate Partners Fund that was originally announced last June. The fund is a joint initiative with Pacific Corporate Group (PCG), a fund […]

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CalPERS Buys Stakes in Firms

By Cust Serv — 18 years ago

The California Public Employees Retirement System (CalPERS) this month reportedly agreed to purchase a minority stake in The Carlyle Group Inc. as part of an agreement to invest up to $850 million with the Washington, D.C.-based private equity firm. In addition, the public pension fund also agreed to purchase a minority stake in Texas Pacific […]

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Washington State Commits to Two PE Funds

By Cust Serv — 18 years ago

The Washington State Investment Board this month preliminarily agreed to commit to two private equity funds that will make investments mainly in Europe. Fund managers at Apax Partners & Co. and HarbourVest Partners LLC met with and managed to woo the private market committee, which is a subset of the investment board, to the amount […]

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