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Harvard, Stanford Nearly Catch Up From Financial Crisis Losses

By Staff Report — 8 years ago

Harvard and Stanford, two of the nation’s richest universities, said that endowment returns for fiscal 2011 brought them to within striking distance of where they stood before the financial crisis lopped off billions of investment value. The Harvard Management Company, which manages the university’s endowment, reported a gain of 21.4 percent, or $4.4 billion, in […]

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New Jersey’s Tim Walsh: “I Get Paid To Worry”

By Staff Report — 8 years ago

When you’re responsible for management $74.7 billion in assets, as well as the retirement money for 800,000 people, stakes are high. And Tim Walsh, who signed up one year ago to be New Jersey’s chief investment officer, knows that a lot is riding on him. New Jersey sits at the nexus of the national debate […]

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Florida SBA’s Chief of PE Departs

By Staff Report — 8 years ago

In the second major departure of a pension private equity chief this week, Jim Treanor has decided to decamp from the $159 billion Florida State Board of Administration, where he has overseen the state’s private equity portfolio since 2004. Treanor, who will leave his post on August 3rd, has been with Florida’s pension system 11 […]

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CalPERS Seeks to Expand Emerging Manager Efforts

By Lawrence Aragon — 8 years ago

The giant, $237 billion California Public Employees Retirement System says it is seeking a “new investment vehicle,” likely to be a customized fund of funds, to invest in emerging private equity managers, complementing the $2 billion that the pension has already invested in its emerging manager initiatives. CalPERS declined to disclose the size of the […]

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Newly Merged Carlyle/AlpInvest Signs MERS in $750M Deal

By Staff Report — 8 years ago

In an effort to build a bigger private equity portfolio, the $6.5 billion Municipal Employees Retirement System of Michigan has engaged a newly merged Carlyle Group and AlpInvest to manage as much as $750 million of the pension’s money. The pension currently has a 9.6 percent allocation to private equity, or slightly more than $630 […]

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Florida Eyes $1.6B More For Buyouts

By Staff Report — 8 years ago

Ashbel “Ash” Williams, the chief investment officer of the Florida State Board of Administration, said he may urge the board and the state legislature to raise the state’s current cap on alternative investments, such as private equity, from 10 percent to 16 percent, including a new program to invest in hedge funds. Williams emphasized that […]

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Texas Teachers Amps Up Plans for Private Equity

By Staff Report — 8 years ago

The $109 billion Teachers Retirement System of Texas said it plans to commit $1.5 billion in fresh capital to private equity through the end of the year, putting the giant pension on a track to spend a quarter billion dollars a month on the asset class, according to a presentation made to the board on […]

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CalPERS Names Desrochers As New PE Chief

By Staff Report — 8 years ago

The largest pension in America has named a new chief for the nation’s largest private equity program. Réal Desrochers was named senior investment officer in charge of private equity at the California Public Employees Retirement System. CalPERS’s private equity portfolio has about $33 billion in assets and $49 billion in committed capital. Desrochers will report […]

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Washington State Re-Ups With $300 Million to Providence

By Staff Report — 8 years ago

The Washington State Investment Board approved a $300 million commitment to a new fund being raised by Providence Equity Partners, the Providence Equity Partners VII, L.P. The fund is reportedly seeking to raise about $8 billion, according to Dow Jones. Liz Mendizabal, who heads up public affairs for the Washington State pension, said the state […]

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HarbourVest’s Absolute Acquisition (Not The Vodka)

By Staff Report — 8 years ago

The board of Absolute Private Equity, a Zurich-based, publicly listed fund-of-funds firm, recommended to shareholders that they sell the firm to HarbourVest Partners for $752 million in cash, or $17.25 a share. The deal is subject to majority shareholder approval. Absolute’s funds invest in a range of private equity and venture investments, including stakes in […]

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Apollo IPO: Redemption For CalPERS

By Staff Report — 8 years ago

Redemption, of a sort, is close at hand for the California Public Employees’ Retirement System following Apollo’s initial public offering on March 30. In June 2007, CalPERS and the Abu Dhabi Investment Authority each bought 30 million non-voting shares in Apollo Global Management, for which each fund paid $600 million, or $20 per share. Those […]

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New Jersey Close to Raising Cap on Alternatives

By Staff Report — 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 Staff Report — 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 Staff Report — 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 Staff Report — 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 Staff Report — 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 Staff Report — 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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