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CalPERS and the Multi-Asset Class Partners Program

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Joseph Dear

We call this laboratory investing, a disruptive trend in the asset management industry. The $245.3 billion California Public Employees’ Retirement System (CalPERS) is launching a new program called the Multi-Asset Class Partners Program or MAC program. In September 2011, CalPERS solicited external managers to implement investment mandates known as multi-asset class partnerships. The results have come in. CalPERS plans to hire AlphaSimplex Group, AQR Capital Management, Pacific Investment Management Co. and Standard Life Investments (USA) to manage a total of $8 billion with regards to the MAC program. CalPERS is eager to fund the MAC program by November or December 2012, depending on the swiftness and outcome of negotiations with the selected external managers. The MAC program will be funded on a pro-rata basis from all asset classes.

Laboratory Investing
This is part of a budding trend of creating stronger partnerships with investment managers by treating them as mini-chief investment officers. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Blackstone Defeated on Investa Office Fund Bid

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The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Temasek’s Bond Expected to Lure Retail Investors

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Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA Becomes the Largest Shareholder in Colonial

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The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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