Public Pension

SWFI – Movers and Shakers – September 16, 2014

Putnam Hires Lazard Asset Management’s US Head of Institutional Marketing Boston-based Putnam Investments has hired Jeffrey L. Gould as head of global institutional management. Gould does not have an official start date. Gould replaced Joseph Phoenix who exited Putnam late in 2013. Phoenix had been with Putnam since 1989 and Putnam CEO Robert Reynolds desired [...]


credit funds

CalPERS Gives Out $2.65 Billion to Real Estate and Credit Managers

The California Public Employees’ Retirement System (CalPERS) committed US$ 600 million toward two real estate partnerships. CalPERS added US$ 200 million to Palo Alto-based Pacific Urban Residential, a joint venture partner to the multi-family real estate partnership called Pacific Multifamily Investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to [...]


Public Funds Bet on XPO Logistics

Greenwich-based XPO Logistics, which is publicly-traded on the NYSE, has drawn interest from a pool of public sector capital. Ontario Teachers’ Pension Plan (OTPP), Canada’s Public Sector Pension Investment Board (PSP Investments) and Singapore’s GIC Private Limited have agreed to invest US$ 700 million into XPO for an approximate 21% equity stake. The investment will [...]


Goldman Sachs Lands $2 Billion Deal to Assist NY Pension Assets

The US$ 180.7 billion New York State Common Retirement Fund and Goldman Sachs Asset Management have formed a strategic partnership to manage US$ 2 billion in active global strategies. The pension fund has about US$ 100 billion in its global equity portfolio and is headed by New York State Comptroller Thomas DiNapoli. Goldman Sachs has [...]


Cityhold Buys Hamburg Atlantic Haus Building

Stockholm-based Cityhold Property AB has acquired a Hamburg office property in the city’s Harbour Business District. Hamburg is the second largest city in Germany. Built in 2007, the Atlantic Haus office stands 88 meters tall. Atlantic Haus is comprised of approximately 32,000 square meters of gross rental area. A UBS fund sold the property and [...]


GPIF Hired Eastspring Investments, Focusing on Value Plays

In April 2014, Japan’s Government Pension Investment Fund (GPIF) hired Singapore-based Eastspring Investments to manage a small portion of the fund’s massive portfolio. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


South Korean Retirement Assets Set to Rise

The South Korean government is planning to mandate Korean companies to enroll employees in private retirement plans by 2022. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


MainePERS Commits Up to 160 Million to PE Funds and Ag Vehicle

The US$ 12.6 billion Maine Public Employees’ Retirement System (MainePERS) has made three new commitments that total up to US$ 160 million. MainePERS committed up to US$ 50 million to H.I.G. Bayside Loan Opportunity Fund IV, a distressed debt fund managed by Miami-based H.I.G. Capital. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers [...]


Friday SWFI News Roundup, August 22, 2014

Panama’s Sovereign Wealth Fund Looks to Hire Panama’s FAP is looking to hire external fund managers as it prepares mandates in fixed income and equities. The FAP has a dual mandate to stabilize the fiscal budget and build integenerational savings. View Panama’s SWF Profile and Asset Allocation JP Morgan Attempts to Reach Upper Echelon in [...]


Caisse de Depot et Placement du Quebec to Establish Singapore Office

The Caisse de Depot et Placement du Quebec has hired Edouard Merette as managing director for the Asia-Pacific region. This is a new position and Merette will start on October 1, 2014. Previously, Merette served as CEO of Aon Hewitt Asia-Pacific. The Caisse de Depot et Placement du Quebec will also open offices in Washington [...]


financial buyouts

CalPERS Inches Toward Selecting Infrastructure Consultant

CalPERS has narrowed down its choice for an infrastructure investment consultant. CalPERS desires the proposed consultant to act as an independent fiduciary for its investment committee. CalPERS issued the request for proposal on April 25, 2014. The contract is anticipated to last 5 years.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please [...]


West Midlands Pension Fund Keeps CBRE Global Investors

The £10 billion Wolverhampton-based West Midlands Pension Fund had decided to keep CBRE Global Investors to help manage the fund’s £622 million UK real estate portfolio. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


OTPP Builds European Airport Portfolio

The Ontario Teachers’ Pension Plan (OTPP) has been an airport infrastructure investor since 2002. For many large pensions and sovereign wealth funds, international airports in core markets are regulated assets that have high barriers to entry and typically have inflation-linked stable cash flows.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe [...]


Janet Cowell

UPDATED: Public Funds: Is 15 Percent the Magic Benchmark for Recent Annual Returns?

For American public funds whose fiscal year ends on June 30, it appears that 15% was the benchmark return to beat. The $90.1 billion North Carolina Retirement Systems returned 15.88% for the fiscal year ended June 30, 2014. The pension investor has a target rate of return of 7.25% and is headed by North Carolina [...]


CPPIB’s Massive Expansion into US Multifamily Developments

The Canada Pension Plan Investment Board (CPPIB) has grown its exposure in U.S. multifamily real estate, starting investment activity in the sector in 2011. Currently, the CPPIB has US$ 1.3 billion in equity commitments to this sector – showing a gross asset value of US$ 4.5 billion, when at full ownership. CPPIB has exposure in [...]


Singapore Sovereign Wealth Centers on Mexican Private Equity

Sovereign wealth funds and large pension investors have been looking at Mexico in recent times, ever since the country made inroads toward energy reform. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CalPERS and UBS Create $500 Million Infrastructure Partnership

The California Public Employees’ Retirement System (CalPERS) and UBS Global Asset Management (Americas) Inc. have created Golden State Matterhorn, LLC, a strategic infrastructure partnership targeting infrastructure investment opportunities across core, OECD markets. CalPERS made a US$ 485 million capital commitment to the partnership, while UBS kicked in US$ 15 million. UBS is the the managing [...]


LACERS Terminates Boston Company Asset Mandate

The Los Angeles City Employees’ Retirement System (LACERS) has terminated Boston Company Asset Management, LLC for an active equities mandate. According to LACERS July board minutes, the asset manager was dropped for lackluster performance reasons. Boston Company Asset Management, a subsidiary of BNY Mellon, had a US$ 190 million global emerging markets equities mandate. They [...]


Strategic Investing: Korea’s NPS Backs Nexen Global Co-Investment Fund

CLSA Capital Partners, the alternative asset management arm of Hong Kong-based Asian brokerage firm CLSA, launched its inaugural private equity fund in South Korea called the Nexen Global Co-Investment Fund. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]


CPPIB Invests in Parking Garages in Belgium and Germany

The Canada Pension Plan Investment Board (CPPIB), through CPP Investment Board European Holdings S.àr.l, has signed an agreement to invest approximately €376 million for a 39% stake in Interparking Group S.A./NV. This deal was announced on July 18, 2014. Brussels-based Interparking is one of Europe’s biggest car parking management companies. Founded in 1958, Interparking has [...]