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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. ]

PSP Investments and Blue Sky Alternative Investments End Strategic Partnership Agreement

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Blue Sky Alternative Investments Limited informed Canada’s Public Sector Pension Investment Board (PSP Investments) that it agreed to terminate its strategic agreement effective March 31, 2019. In December 2017, Blue Sky Alternative Investments forged an agreement with PSP Investments to assist in committing capital in a number of agricultural investments.

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Yield-Hungry Korean Insurance Capital Backs TSX Broadway

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Mirae Asset Daewoo Co., Ltd., the Seoul-based investment banking firm, has provided a US$ 375 million loan for a redevelopment in New York’s Times Square. It joins L & L Holding Company, Maefield Development, and Fortress Investment Group who are bringing the development known as TSX Broadway to life. The building is at 1568 Broadway in Manhattan. TSX Broadway, a US$ 2.5 billion project when all equity financing is added in, will allow for renovations and expansion of the 46-storey building. An LED screen, which is not an uncommon sight in the Big Apple, will wrap around the corner of the tower. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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OFFICIALS: Saudi Crown Prince Denies Interest in Acquiring Manchester United

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The Saudi Arabian government dispelled rumors that Saudi Crown Prince Mohammed bin Salman will acquire football club Manchester United. However, Saudi Arabia’s Public Investment Fund (PIF) had talks regarding sponsorship with the football club. Manchester United signed a partnership deal with Saudi Arabia’s General Sports Authority in 2017.

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