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Texas Permanent School Fund Locks in 9.44% for FY 2012

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Based in Austin, Texas, the Texas Permanent School Fund (TPSF) generated a 9.44% return for the fiscal year ending August 31, 2012. The US$ 25.5 billion public fund distributed US$ 1.2 billion to support Texas schools for the two years ended by the latest fiscal year. TPSF outperformed its policy benchmark by 57 basis points.

“It is gratifying to see such a high return in these volatile markets,” says Barbara Cargill, chair of the Texas State Board of Education in remarks off the Texas Education Agency website. “Solid and prudent planning has enabled the State Board to make investments resulting in strong returns that beat the benchmark.”

Fiscal Year 2012 Returns

Name Performance Fiscal Year End Size in Billions USD
Texas Permanent School Fund 9.44% August 31 25.5
CalPERS 1.01% June 30 233.0
Alaska Permanent Fund 0.02% June 30 40.3
Harvard Management Company -0.05% June 30 30.7

KIC to Manage a Portion of Korea Post Assets

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In late February, the Korea Investment Corporation (KIC) inked an agreement to manage some of Korea Post’s global assets. KIC also seeks to provide investment training and research to Korea Post.

“As part of effort for Korea Post to allocate part of global investment assets to KIC, both agencies agreed to discuss details during the first half of this year, including the manner in which joint investment and asset allocation will be made,” KIC said in a statement.

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Singaporean Sovereign Wealth Capital Participates in DoorDash Series F Round

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San Francisco-based DoorDash Inc., a food delivery company, raised US$ 400 million in a Series F investment round. The investment round was led by Singapore’s Temasek Holdings and San Francisco-based Dragoneer Investment Group, LLC. Post-raise, DoorDash has raised US$ 1.4 billion in equity capital. This gives DoorDash a post-money valuation of US$ 7.1 billion. DoorDash competes against publicly-traded company Grubhub, Postmates, and UberEats, a service of Uber Technologies.

Other investors in the Series F round include SoftBank Vision Fund (managed by SoftBank Group), DST Global, Coatue Management, Singapore’s GIC Private Limited, Sequoia Capital, and Y Combinator.

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CPPIB and Sterling Partners Exit Livingston International

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Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners are exiting their investment in Livingston International Inc., an international trade-services firm based in Toronto, Ontario, which specializes in customs brokerage, freight forwarding, and trade consulting. Livingston International is Canada’s largest customs broker and third-largest entry filer in the United States.

U.S. private equity firm Platinum Equity is buying Livingston International from CPPIB and Sterling Partners. Platinum Equity is a private equity firm founded by Tom Gores in 1995.

Livingston International was founded in 1945 by Gerry Livingston. In 2002, the company went public after backing from CAI Capital Partners. In 2010, CPPIB and Sterling Partners acquired the company for US$ 324 million. On May 8, 2012, Livingston International acquired New Orleans, Louisiana-based M.G. Maher & Company, Inc. and MCLX, Inc. Maher is an international freight forwarder, customs broker and logistics provider. In 2013, the owners of Livingston International refinanced debt raising US$ 555 million in senior secured credit facilities.

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