Public Pension

CPPIB Makes First Direct Investment in Canadian Multi-Family

Canada Pension Plan Investment Board (CPPIB) acquired a 60% interest in Minto High Park Village, a multifamily rental property, from Minto Properties Inc. for approximately C$105 million. Minto will own the remaining 40% of the property and provide management and leasing services. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Ivanhoé Cambridge and APG Drop $920 Million on Chongbang Group

Ivanhoé Cambridge, the real estate unit of Caisse de Depot et Placement du Quebec (CDPQ), and APG Asset Management N.V. together invested US$ 920 million in Chinese retail property firm Chongbang Group. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


India deals

CPPIB Indian Property Venture Acquires SP Infocity IT Park

Canada Pension Plan Investment Board (CPPIB) and Mumbai-based Shapoorji Pallonji Group, through their joint investment unit SPREP Pte Ltd. (CPPIB owns 80% of the unit), is making its first investment acquiring 100% of the securities of Faery Estates Private Limited. India-based Faery Estates owns, operates and manages SP Infocity IT Park in Chennai, India. The [...]


SEC Targets State Street on Usage of Consultants and Lobbyists

The U.S. Securities and Exchange Commission (SEC) had served a Wells notice to Boston-based State Street Corporation. The notice is for informing State Street that SEC employees plan to ask the commission for authorization to bring a civil enforcement action that would allege violations of U.S. securities laws. It is important to note that receiving [...]


OMERS Buys The Kenan Advantage Group from GS and Centerbridge

Ontario Municipal Employees’ Retirement System (OMERS), through its private equity arm, has agreed to acquire Ohio-based The Kenan Advantage Group Inc., a provider of liquid bulk transportation services. OMERS is buying the company from Centerbridge Partners LP and Goldman Sachs Capital Partners, the private equity arm of Goldman Sachs. [ Content protected for Sovereign Wealth [...]


Sweden to Shutter AP6, Transfer Unlisted Assets to AP2

The Swedish government is closing AP6, one of the country’s buffer funds. The government is looking to overhaul the country’s AP fund system. AP6 specializes in private equity. AP6 will roll up into its sister fund AP2. AP6’s 23.6 billion SEK (US$ 3 billion) in unlisted assets will be moved to AP2. Various AP officials [...]


Padded with Donations, Harvard’s Endowment Gets More Breathing Room

Recently Harvard University received a massive US$ 400 million gift from hedge fund titan John A. Paulson – the single biggest donation in the university’s history. The money went toward the Harvard’s Engineering and Applied Sciences school. Harvard will rename the school after John Paulson and part of the gift money will go toward the [...]


RPMI Railpen Awards Northern Trust Mandate for In-House Managed Investments

RPMI Railpen, the in-house asset manager for the £21 Railways Pension Scheme, selected Northern Trust to provide investment operations outsourcing services. RPMI Railpen liked the fact that Northern Trust worked with both startup and established in-house managed asset owners and managers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


State Street Beats NAB for VFMC Mandate

State Street was selected as custodian and administrator for Victorian Funds Management Corporation (VFMC). VFMC has A$ 50 billion in assets. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB to Buy Stake in Enstar Group

The Canada Pension Plan Investment Board (CPPIB) agreed to purchase a 9.9% interest in insurance specialist Bermuda-based Enstar Group Ltd. Enstar is publicly listed. CPPIB acquired 1.9 million voting and non-voting ordinary shares from Greenwich-based First Reserve Corporation, a private equity firm. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


David Kushner Resigns as CIO of LACERA

On May 29, Los Angeles County Employees Retirement Association (LACERA) Chief Investment Officer David Kushner resigned. In the interim, Vache Mahseredjian, principal investment officer, will take his place. Kushner joined LACERA in November 2011, coming from San Francisco City & County Employees’ Retirement System where he was deputy director.


SRI and Sustainability Allocation Expands in Europe

The themes of sustainable and socially-responsible investing (SRI) are gaining traction in Europe. Mandates are being filled. Even Norway’s massive sovereign wealth fund has incorporated select “sustainable” criterion into their investment processes for equity selections. In May, the €23 billion Etablissement de Retraite Additionnelle de la Fonction Publique (ERAFP) awarded a big €400 million allocation [...]


CPPIB Commits $100 Million to LATAM Corporate Bond Fund

The Canada Pension Plan Investment Board (CPPIB), through CPPIB Credit Investments Inc., has allocated US$ 100 million in a high-yield corporate debt fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


SWFI – Movers and Shakers – May 25, 2015

Khazanah Hires Former McKinsey Partner to Lead Indian Operations Malaysia’s Khazanah Nasional hired Chinta Bhagat as an executive director for investments in India. Bhagat will start July 15, 2015 and will be based in Mumbai. Bhagat will lead the wealth fund’s Indian operations and be part of Khazanah’s global healthcare sector leadership team. Previously, Bhagat [...]


NC Retirement Systems Awards US$ 4.5 Billion in Listed Equities

North Carolina Retirement Systems has awarded a US$ 3 billion mandate to Durham-based Piedmont Investment Advisors, LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OMERS and Crown Estate Extend Partnership by £145 Million

Ontario Municipal Employees’ Retirement Scheme (OMERS), through Oxford Properties, has entered into a second deal with the Crown Estate. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB Provides Financing for Emerging Gold Producer

Globally, the mining sector in general is suffering a crisis of confidence as commodity investment inflows shrink below a 2012 peak. Many mining companies are in dire need of capital. Rubicon Minerals Corporation, an emerging gold producer, entered into a financing agreement with CPPIB Credit Investments Inc., a unit of Canada Pension Plan Investment Board [...]


TIMBER: CalPERS Outgrows Forestland Investments

The California Public Employees’ Retirement System (CalPERS) is putting 300,000 acres of forestland in Louisiana up for sale. The planned sale represents one-fifth of CalPERS’ holdings in U.S. forests. The deal could raise several hundred million dollars. Portland-based Campbell Group LLC, one of CalPERS’ external managers focused on timberland, has hired UBS AG to run [...]


Robert Greene Appointed Chairman of Virginia Retirement System

Robert L. Greene has been appointed Chairman of the Virginia Retirement System (VRS) by Virginia Governor Terry McAuliffe. Greene has served as a VRS board of trustee and vice chair for a number of years. He replaces Diana Cantor as chairman of the board. Greene is President and CEO of the National Association of Investment [...]


SWFI – Movers and Shakers – May 1, 2015

People Exit as Mercer Heads Toward Global Restructuring Mercer Investments is planning a major global restructuring. Ray King, based in Melbourne, is leaving Mercer Investments as head of private equity manager research for the Asia-Pacific region. Ray joined Mercer in July 2012 where he was at Sovereign Investment Research Pty Limited as managing director. He [...]