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Should CalPERS Outsource its Private Equity Portfolio to BlackRock?

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The California Public Employees’ Retirement System (CalPERS) is a bellwether pension investor in private equity, investing in funds, co-investments and separate accounts – even directly into the private equity firms themselves.

CalPERS has contemplated the idea of building an internal private equity direct deal team (not just allocators to managers), similar to what the Canadian pension giants like Ontario Teachers’ Pension Plan (OTPP) and Canada Pension Plan Investment Board (CPPIB) have accomplished. At an offsite meeting, CalPERS debated its in-house capabilities and whether it should pursue a large direct investment strategy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

LAPFF Explores Direct Real Estate Investing

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The Los Angeles Fire and Police Pensions (LAFPP), a smaller pension compared to its larger peers such as the Los Angeles County Employees Retirement Association, is considering forming a direct real estate investment strategy that would be managed internally. LAPFF staff requested the pension’s real estate consultant The Townsend Group to explore the feasibility of creating an in-house real estate managed portfolio.

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Could Russian Government Opt for Some Cryptocurrencies over Treasuries?

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The problem with fiat money is that it is backed by governments and countries, subject to the whims of policymakers versus a tangible item like gold. Russia has sold nearly US$ 100 billion worth of Treasury bills, bought gold, yuan, and other non-U.S. dollar currencies, and saved a significant allocation that may be earmarked for Bitcoin. These moves are intended to help Russia evade U.S. sanctions. Vladislav Ginko, an economist at the Russian Presidential Academy of National Economy and Public Administration, noted that the government is working to “protect its national interests” since fewer U.S. dollars are expected to flow into the country in exchange for oil and gas. Ginko estimates the crypto investment at US$ 10 billion. If enacted, Bitcoin could spike on the purchase. Purchases could begin at any time. The Central Bank of Russia has not yet discussed its intentions. However, six months after making any financial transactions, the bank publishes them. If Russia were to carry out the plan, it would swallow over 15 % of the world’s Bitcoin.

Financial technology companies continue to built out platforms to service institutional clients. For example, San Francisco-based Anchorage, cryptocurrency custody service, raised US$ 17 million in a Series A round that was led by Andreessen Horowitz and joined by Khosla Ventures, Max Levchin (co-founder of PayPal), Elad Gil, Mark McCombe of Blackrock (Senior Managing Director, Head of the Americas region), and AngelList’s Naval Ravikant.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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PSP Investments Allocates Capital to Specialty Insurance Brokerage

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Public Sector Pension Investment Board (PSP Investments) made an investment into Newport Beach, California-based Alliant Insurance Services, Inc. In addition, funds managed by Stone Point Capital LLC also made an investment into Alliant Insurance Services. Post-transaction, funds managed by Stone Point Capital LLC will remain Alliant’s largest institutional shareholders while the company’s management and producers will continue to own the majority of the firm.

Alliant Insurance Services provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups.

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