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CalPERS Shifts Hedge Fund Strategy

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American public pension funds are increasing allocation to hedge funds. Pension funds desire improved returns as pension costs for public employees continue to put pressure local government finances.

The California Public Employees’ Retirement System (CalPERS) with US$ 254.5 billion in assets is juicing its augmentation to event-driven and global macro hedge funds. 5% of their hedge fund portfolio will be allocated to event-driven strategies. Global macro strategies will grow to 10% of the hedge fund portfolio, up from 2%. The big news is that CalPERS plans to decrease fund-of-fund investments, excluding those investing in small hedge funds, in this area from 14% to 5%. About US$ 5 billion in assets is allocated to hedge funds. The pension fund’s Absolute Return Strategies Program returned 4.2% in 2012 which was below the 5.2% benchmark.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

GIC Raises Stake in China Oilfield Services

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On November 14 2018, Singapore’s GIC Private Limited acquired 2,982,000 H- shares in China Oilfield Services Ltd at an average price of HK$ 6.9883. GIC increased its ownership in China Oilfield Services to 9.07% from 8.91%. China Oilfield Services is an oilfield services company. It is a majority owned subsidiary of Chinese state owned company CNOOC Group.

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Carlyle Group Completes Deal on 19.9 Percent Stake in Fortitude Re

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More private equity firms are scooping up reinsurance assets. The Carlyle Group finalized its acquisition of a 19.9% stake in Fortitude Group Holdings, LLC, whose group companies operate as Fortitude Re (formerly DSA Re) from American International Group, Inc. (AIG) The transaction was first announced on August 1, 2018. Part of this deal included Fortitude Re inking an investment management agreement (IMA) whereby US$ 6 billion of assets will be committed into a variety of Carlyle investment strategies.

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RDIF, Indorama Corporation, and Yadran Oil Ink Joint Investment in Tartarstan

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The Russian Direct Investment Fund (RDIF), and Singapore-based Indorama Corporation Pte Ltd, a chemical corporation in Asia, and JSC Yadran-Oil, the company authorized by the Government of the Republic of Tatarstan, have agreed to jointly implement investment projects in Russia. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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