Illinois Teachers’ Pension Commits $140m to Emerging Managers

The Illinois Teacher Retirement System this week said it will commit $140 million to two emerging managers, nearly doubling the amount of money the fund had previously committed to emerging manager real estate funds. The funds are Oak Street Capital and Exeter Property Group — the latter of which is already oversubscribed. TRS will be jockeying ...

CalPERS, Other Investors Want Dakota Access Pipeline Rerouted

CaPERS and a consortium of other investors last week called on the banks financing the Dakota Access Pipeline to address local tribes’ concerns around the route and safety of the project. Earlier in the week, protestors had camped in front of the CalPERS building, calling for the powerful investor to divest from the pipeline. CalPERS’ stance ...

CalPERS Looks Long-Term As New Allocation Shelters Portfolio From Market Highs

CalPERS’ allocation changes in the final months of 2016 have caused the pension fund to miss out on $900 million in potential investment return, according to remarks made by the CIO at a board meeting on Monday. The pension fund moved away from stocks and private equity in September, opting for a less volatile asset allocation that is project ...

Canada Pension CEO Keeping “Close Eye” on Trump Infrastructure Plan

The Canada Pension Plan Investment Board is one of the world’s largest infrastructure investors, and CEO Mark Machin told Reuters his fund is paying close attention to U.S. President Donald Trump’s as-yet-unreleased infrastructure plan. Though details are scarce, Trump has said he plans to roll out a $1 trillion U.S. infrastructure program. ...

Problem With Hedge Funds Is They Forgot How to Hedge, Says $200B Danish Investor

The CIO of Danika, the $200 billion wealth management arm of Danske Bank A/S, doesn’t see hedge funds as part of his portfolio in the near future. The reason? Hedge funds have forgotten how to hedge. But he’s still open to investing in the right funds. More comments from Anders Svennesen, via Bloomberg: “If you look back over time, there ...

CalPERS Expects 5.8 Percent Return With New, Less Volatile Allocation: Report

CalPERS expects to see an annual return of 5.8 percent under its new, more cautious allocation strategy, according to documents posted online by the pension fund this week. The pension fund implemented the new allocation in September in anticipation of slower market growth over the next few years. Notably, the expected return figure falls short of both ...

Pennsylvania SERS to Shutter Overseas REIT Strategy; Change Benchmark

The Pennsylvania State Employees’ Retirement System will soon stop investing in international REITs, and will shift that money toward domestic strategies, according to IPE Real Estate. The pension fund is also changing the benchmark index by which its measures its $2.4 billion real estate portfolio. More from IPE: Pennsylvania State Employees’ Retirement ...

Staff: CalPERS Shouldn’t Pull Out From Dakota Access Pipeline

California lawmakers are pushing CalPERS to divest from the controversial Dakota Access Pipeline, but pension fund staff have balked at that recommendation, arguing that the country’s largest pension fund can more effectively engage with companies if it remains a shareholder. This is the latest instance of the ongoing debate over divestment at ...

CalSTRS Votes to Lower Discount Rate

CalSTRS, which previously assumed a 7.5 percent rate of return on investments, on Wednesday voted to lower its discount rate in two stages: first to 7.25 percent, then to 7 percent by 2018. From the LA Times: Board members, faced with a widening gap between investment returns and expectations, said they took action to lessen the likelihood that existing ...

New York Pension Fired Second Employee Linked to Pay-to-Play Scandal

The New York Common Retirement Fund in December fired a second employee — Philip Hanna — in connection with the pay-to-play scandal in which the fund’s fixed income director took bribes in exchange for commitments to two brokers, according to a new report from the Wall Street Journal. Hannah — who hasn’t been accused of ...
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