CalSTRS Loses $125 Million on Florida Industrial Land

CalSTRS revealed Thursday it had lost $125 million on an investment – reportedly written off since 2009 – in a piece of industrial land in Florida that lost much of its value when land values went bust just over a half-decade ago. CalSTRS had been waiting for the price of the land to recover a bit before selling – and the fund did recover some ...

CalPERS, CalSTRS Responds To Push For Coal Divestment

California Senate President Kevin de León said on Monday he would introduce a bill in 2015 that would require CalPERS and CalSTRS to divest from coal-related investments. CalPERS was the first of the funds to publicly respond to the bill. Summarized by Chief Investment Officer magazine: CalPERS responded strongly to the proposal, stating that “we ...

California Senator Formulating Bill to Force CalSTRS, CalPERS to Divest From Coal

California Senate President Kevin de León said Monday he may introduce a bill in 2015 that would require the state’s pension systems – CalPERS and CalSTRS, two of the largest systems in the world – to divest from coal-related investments. The bill wouldn’t cover oil or gas investments. The legislation seems to be in its earliest stages. The ...

Video: CalSTRS CIO on Corporate Governance and Splitting CEO and Chairman Roles

In this discussion, CalSTRS Chief Investment Officer Chris Ailman talks about why he thinks corporations need to have separate CEO and chairman roles – and how CalSTRS is pushing companies to divide those roles.

Video: CalSTRS CIO On Pros and Cons of Activist Investing

CalSTRS Chief Investment Officer Chris Ailman sat down with Bloomberg TV this week to talk about the pros and cons of activist investing and the difference between “white hat” and “black hat” activist investors. Also appearing is Columbia Business School Adjunct Professor Fabio Savoldelli.

Video: CalSTRS CIO Talks 2015 Market Expectations, Asset Allocation Changes

CalSTRS chief investment officer Christopher Ailman sat down with Bloomberg TV on Monday morning to talk about the odds of the market returning 8 to 10 percent in 2015, and how CalSTRS might change its asset allocation next year.   Cover photo by Santiago Medem via Flickr CC

Will Pension Funds Have to Foot Bill For PE Firms in Collusion Settlement?

In September, seven investment firms ended a years-long lawsuit by agreeing to a $590 million settlement with corporate shareholders who were accusing the firms of colluding to keep prices down during the “buyout boom”. But for pension funds, the ramifications of the settlement are just beginning as they wonder how the costs of the settlement will ...

CalSTRS Commits $290 Million to European Real Estate Funds

CalSTRS has committed $293 million to two funds that invest in European real estate. The moves are part of the pension fund’s planned third quarter real estate commitment of $900 million. Details on the investments from IPE Real Estate: Commitments of $200m and €75m were made to TCI Fund Management’s Real Estate Partners Fund I and Meyer Bergman ...

Kolivakis Weighs In On Restructuring of CalSTRS Investment Staff

CalSTRS recently completed a restructuring of its investment staff, which including appointing its first chief operating investment officer. The restructuring had a purpose: the fund is planning to move a significant portion of investment management duties in-house. CalSTRS currently manages 45 percent of its portfolio internally. The fund wants to ...
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Moody’s: Deals With CalPERS Will Further “Weaken” Bankrupt California Cities

Three California cities – Stockton, San Bernardino, and Vallejo – have declared bankruptcy in recent years. But all three have struck deals with CalPERS to keep its citizens’ pension benefits intact. That’s a win for pensioners, but Moody’s says the deals may not be healthy for the cities: they will have to pay large, rising contributions ...
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