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Ted Eliopoulos Takes #2 on Public Investor 100-2016

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ted_e_calpersSWFI Staff has released the Public Investor 100. He ranks 2 out of 100 for the SWFI Public Investor 100 – 2016.

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Ted Eliopoulos holds the pinnacle investment spot at the California Public Employees’ Retirement System (CalPERS). The calm, well-mannered CIO started at CalPERS back in 2007 as a senior investment officer of real estate. But don’t let his calm reputation fool you. Eliopoulos played competitive tennis in his college for years, earning Men’s All-Time First Team All-Ivy League for doubles in 1986.

As global properties plummeted in value during the crisis, the new investment officer had a massive portfolio of real estate exposures dumped on him. The speculative land deals and other opportunistic property investments were major disasters. During the crisis and afterwards, Eliopoulos started reforming the real estate platform, seeking to cut an endless roster list of real estate managers, while cutting back on highly speculative land deals. It is true that the CalPERS real estate portfolio hasn’t fully recovered since the financial crisis, but Eliopoulos and his staff made important changes to operations and future allocations to help mitigate future issues.

It was in the Fall of 2014 that the Dartmouth-grad was named CIO of CalPERS. The CalPERS board made an interesting choice turning to someone who was trained as a lawyer, with a stint at Latham & Watkins, for the role of chief investment officer. Before CalPERS, Eliopoulos had never directly managed stocks or bonds in an institutional setting. However, he has a tremendous amount of internal manpower and a highly-sought after investment consultant to give him advice on which direction to take the massive pension giant.

Eliopoulos enacted another significant reform in the CalPERS investment units. He reluctantly exited the pension giant out of hedge funds, creating shockwaves on Wall Street and having other pensions make similar moves. A bold move from which we have yet to see the full result.

Altitude Infrastructure Gets Financing on Haute-Garonne Network Project

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Altitude Infrastructure SAS inked a 25-year concession agreement and closed a debt financing package for the deployment and maintenance of an ultra-high-speed broadband network in Haute-Garonne. Haute-Garonne is a department in the south of France.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Guggenheim Partners Agrees to Acquire Millstein & Co.

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On July 11, 2018, Guggenheim Partners inked a deal to acquire New York-based Millstein & Co., L.P., an advisory firm formed by Jim Millstein. Millstein will become co-Chairman of Guggenheim’s securities business. Millstein & Co. will become part of Guggenheim Securities, the investment banking division of the company. Ronen Bojmel will lead the combined Guggenheim restructuring team.

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GIC Holds Steady, Maintains Cautious Investment Stance

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Singapore’s GIC Private Limited returned a 5-year return of 6.6% ended March 31, 2018. At March 2018, GIC had increased cash and nominal bonds up 2% to 37% of the total portfolio, while lowering exposure to developed market equities from 27% to 23%.

GIC CEO Lim Chow Kiat commented in his annual letter in the FY 2017-2018 report that, “In view of the high asset valuations, the increased risk of monetary policy tightening across different jurisdictions and the elevated uncertainty, we maintain a cautious investment stance. Nevertheless, we remain ready to take advantage of potential dislocations. The jump in market volatility experienced in early 2018 offered an indication of potentially bigger market turbulence and opportunities in the future.”

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