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Reed College Endowment Pins Hopes on Hedge Funds

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Located in cloudy Portland, Oregon, Reed College is a quiet liberal arts college known for its egalitarian ideals and nude walks. Apple co-founder Steve Jobs was once a student at Reed College. With just over a half billion in endowments assets, the college is highly-reliant on fee-heavy Wall Street hedge funds for investment returns. Reed College’s endowment is heavily allocated into hedge funds and private equity funds, at a much higher allocation percentage compared to most U.S. pension funds. Many U.S. endowments have followed the “Yale endowment model” of investing, betting big on alternative assets. It is also no secret, speaking in the aggregate, that hedge funds and many fund-of-funds have underperformed global equities in the past five years, especially when counting fees and expenses.

In June 30, 2016, Reed College’s investments totaled US$ 517.5 million and US$ 427 million of that was held in not-readily marketable investments, otherwise known as, hedge funds and private equity. An astonishing 54% of the investment portfolio was allocated to hedge funds in FY 2016, versus 55.9% in FY 2015. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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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BlackRock and Microsoft Eye Opportunities in Retirement Space

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By getting closer to the consumer via mobile apps, New York-based BlackRock Inc. is keen on gaining market share in the U.S. retail retirement market space. BlackRock had acquired FutureAdvisor, a technology platform, while making a large investment in Envestnet. BlackRock is now partnering with Microsoft Corporation to explore creating a retirement platform.

This partnership could be developing a new platform to analyze savings and investing habits – then offering app services as lead-generation services. According to a corporate news release, BlackRock plans to offer on the platform its “investment products that it will design and manage.”

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