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CalSTRS Seeks to Manage More Assets Internally

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CalSTRS

CalSTRS CIO Chris Ailman

Taking the playbook from sapient Canadian public pensions, the California State Teachers’ Retirement System (CalSTRS) is attempting to migrate more assets toward internal management. In a press release, CalSTRS is planning to increase in-house assets from 45% to 60%.

See CalSTRS External Managers

Besides saving on investment fees and costs, CalSTRS desires to have more control over corporate governance issues. By owning the shares or underlying securities directly, CalSTRS can push forward with activist-based strategies. Obviously, publicly-traded securities are the first assets to go toward in-house management. CalSTRS also shifted some executive investment positions around to enable the organization to properly handle more internal management of assets. Among other promotions, Debra Smith was named CalSTRS chief operating investment officer.

“These three appointments, coupled with our 2010 creation of a Deputy Chief Investment Officer, complete a new organizational structure that allows us to bring more assets in house,” said CalSTRS Chief Investment Officer Christopher J. Ailman in a press release. “This structure matches what you find in most large investment money managers. This also fits our plans to internally manage more of our assets—currently at 45 percent in-house—to a projected 60 percent internally managed.”

Antares Bain Capital Complete Financing Solution Backs symplr Deal

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On December 10, 2018, Antares Bain Capital Complete Financing Solution provided a senior secured unitranche credit facility for Clearlake Capital Group, L.P. to acquire symplr, a healthcare governance, risk, and compliance software-as-a-service platform from Pamlico Capital and The CapStreet Group. Golub Capital provided financing for the transaction as well.

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PSP Investments Exits Antelliq

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On December 14th, Private equity firm BC Partners, Public Sector Pension Investment Board (PSP Investments), and other minority co-investors have signed a definitive agreement with Merck, known as MSD outside the United States and Canada, to sell Antelliq Corporation, a Vitré, France-based provider of digital animal identification, traceability, and monitoring solutions. Upon close, Antelliq will be a wholly owned and separately operated subsidiary within the Merck Animal Health Division. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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JPMorgan Edges Out Hamilton Lane on Florida SBA In-State Mandate

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The Florida State Board of Administration (SBA) manages a plethora of Florida state funds, including the state’s defined benefit plans. Florida’s SBA awarded a private equity portfolio mandate which targets high-technology businesses in Florida to J.P. Morgan Asset Management. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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