CalPERS Gives $500 Million to New Private Equity Fund of Funds
GCM Grosvenor will oversee private equity emerging managers.
News Archive: Jan - 2019
Newsmakers
Fidelity International Small-Cap Strategy Terminated by SFERS
The investment made up 6.5% of the system’s approximate $3.5 billion small cap strategy.
Regulation
New Kentucky Pension Group Forms to Try Bypassing Stalemate
Bipartisan division will try to analyze the state’s funding gap and develop passable pension proposals by mid-February.
Market Moves
Seth Klarman Outfoxes Wildfires with Canny Insurance Bet on Utility
Billionaire hedge fund operator offsets equity stake in woebegone PG&E with purchase of liability claims against it.
Bill Proposes Creation of Pension Rehabilitation Administration
Proposed legislation aims to save critical and declining multiemployer pension plans.
Newsmakers
California Pensions Convene Anti-Sexual Harassment Coalition
Group highlights financial risks sustained from misconduct in the workplace.
Asset Allocation
New York Appropriates $1.2 Billion in Direct and Indirect Investments
Institution continues strong focus on real estate and private equity, terminates global equity account.
New CalPERS Board Member Has Serious Concerns About Private Equity Plan
Jason Perez is also skeptical about ESG investing, a focus that most individuals on the CalPERS board support.
Regulation
Fitch Rebuts Kentucky Governor’s Ratings Allegation
The agency says the state’s lack of pension overhaul won’t hurt its rating, despite Bevin’s warning.
US Economic Expansion Will Be the Longest in History, Bob Doll Says
Nuveen’s veteran stock strategist thinks it will surpass the 1990s’ record by summer.
Research
Connecticut Task Force in Extra Innings to Find Pension Fixes
Commission still grappling over plan to tap state assets like office buildings to feed ailing retirement program.
Market Moves
Market Shrugs at Government Shutdowns, Sam Stovall Says
Historically, the S&P 500 has been flat when federal functions grind to a halt, and the index is up 7.5% since the latest closure.
Asset Allocation
Texas Teachers’ Closes Out Year with $1.8 Billion in New Commitments Across 12+ Strategies
Commitments primarily focused on real estate and infrastructure.
Regulation
Swiss Regulator Facing Criticism over Public Employee Pension Revamp
The OAK prefers a uniform interest rate for the public workers and two other retirement plans, which a lobbying group says is wrongheaded.
Newsmakers
San Diego to Pursue Managed Futures Strategies in Diversification Quest
The pension is now studying the impact of a 2% to 4% allocation to managed futures on the total fund.