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CalPERS Commits $80 Million to Grosvenor for CA Mezzanine Program

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The California Public Employees’ Retirement System (CalPERS) has committed US$ 80 million to Chicago-based GCM Grosvenor. The new commitment will be funneled through a direct investment vehicle before the close of 2014. The vehicle, California Mezzanine Investments, will use mezzanine debt to finance California companies. The fund will be managed by Grosvenor’s Private Markets unit.

View Institutional Investor Profile of CalPERS

This is part of CalPERS’ California Initiative Program which was founded in May 2001. At that time, US$ 475 million was allocated to the program. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

Digital Media Marketer Turned Urban Farmer Raises Series B from Google

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Singapore’s Temasek Holdings continues to plow money into agriculture and agtech investments. New York-based Bowery raised US$ 90 million in a Series B round that was led by GV (formerly Google Ventures). Other investors in the Series B round include Temasek, GGV Capital, General Catalyst, First Round Capital, Uber CEO Dara Khosrowshahi, and David Barber’s fund Almanac. Is this a technology company growing something real and edible? Yes.

Bowery started in October 2014 and raised US$ 117.5 million since its creation. Bowery raised US$ 20 million in a Series A round in January 2017. Bowery was co-founded by Irving Fain. Fain is a former executive of iHeartMedia, who specializes in digital marketing. He is also a co-founder of CrowdTwist, Inc., a digital marketing analytic startup.

The company uses its own internal operating system to monitor plants and optimize their growth without using pesticides. Bowery claims it uses 95% less water compared to mainstream farming methods. Bowery sells its produce, such as mustard greens, kale mix, and romaine, to places like fast causal chain Sweetgreen, Whole Foods, Dig Inn, and Foragers. Bowery opened its first farm in February 2017.

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Goldman Sachs Buys Weyerhaeuser Spin Off AM Unit from Lindsay Goldberg

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Increasingly, Goldman Sachs is buying up small alternative asset management groups across the United States. Goldman Sachs Asset Management (GSAM) is part of Goldman Sachs Group. GSAM inked a deal to purchase Aptitude Investment Management LP, a hedge fund-of-funds manager, from Lindsay Goldberg & Bessemer II AIV LP, a vehicle managed by Lindsay Goldberg. Aptitude Investment Management oversees around US$ 3.5 billion in discretionary assets. Aptitude Investment Management operates out of Seattle and Vancouver, British Columbia.

Before the creation of an in-house unit at Weyerhauser, Morgan Stanley was the sole investment manager of Weyerhauser’s retirement assets. Salim Shariff, formerly of Morgan Stanley Alternative Investment Partners, and Jeff Klein were hired as CIO and Deputy CIO of Weyerhaeuser Asset Management LLC in 2004. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Gets Exposure to Exchange Tower through Primewest Vehicle

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Singapore’s GIC Private Limited funded a deal through a fund to acquire the Exchange Tower in Perth. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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