Public Pension

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 [...]


CalPERS and CalSTRS Post Annual Returns Above 18%

The California Public Employees’ Retirement System (CalPERS) returned 18.42% for the fiscal year that ended on June 30th. CalPERS defeated its custom benchmark of 17.98% and surpassed last fiscal year’s return of 13.2%. The private equity portfolio of CalPERS generated 19.99% returns, just 3.31% shy of the benchmark. The asset classes of real estate and [...]


Update: Ex-CalPERS CEO Admits Taking Cash Bribes

Fred Buenrostro, the former CEO of CalPERS, pleaded guilty today to a charge of conspiracy to commit bribery and fraud. Furthermore, Buenrostro admitted taking US$ 200,000 in cash bribes from his former colleague Alfred Villalobos. He took the cash through a shoe box and paper bags. Other benefits include casino chips. In return, Buenrostro attempted [...]


Friday SWFI News Roundup, July 11, 2014

Illinois State Board of Investment Terminates William Blair for Bad Performance The Illinois State Board of Investment terminated a US$ 580 million active U.S. midcap growth equities mandate being managed by Chicago-based William Blair & Co. William R. Atwood, executive director of the pension entity, stated it was due to performance reasons. The fund proceeds [...]


Public Fund-Backed Hayfin Up for Sale

London-based Hayfin, also known as Haymarket Financial, is being sold off after TowerBrook Capital Partners decided to sell the business. Hayfin manages over €5.3 billion in a range of financial products such as collateralized loan obligation funds. Hayfin is an entity that focuses on private debt and was created by TowerBrook, OMERS Private Equity, the [...]


Former CalPERS CEO to Plead Guilty in Pension Fiasco

Federico R. Buenrostro, the former CEO of the California Public Employees’ Retirement System (CalPERS), will enter a guilty plea next week. This is in relation with a bribery scandal that sent shockwaves to the pension world and asset management community. Buenrostro’s lawyer, Sacramento-based lawyer William Portanova, revealed the plea news on June 30th. Before that [...]


BNY Mellon Wins Custodial Mandate from Finland State Pension

Valtion Eläkerahasto (VER), the state pension fund of Finland, has appointed BNY Mellon to be the global custodian of the fund. Among other deciding factors, BNY Mellon had the capacity to provide a straight-through processing interface to the fund’s current technology platforms. BNY Mellon has replaced JP Morgan as the custodian.[ Content protected for Sovereign [...]


Q&A with Roger McIntosh, Head of Investments at LUCRF Super

This interview will appear in the 2Q Y2014 (July 2014) Superannuation World issue of the Sovereign Wealth Quarterly. This is a Q&A with Roger McIntosh, Head of Investments at LUCRF 1. In the past five years, how has the Australian superannuation investor class evolved when it comes to institutional investing? There has been an increasing [...]