Yale Gets Squeezed To Disclose Returns

By Cust Serv — 17 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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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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