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Pennsylvania Pensions Will Get $15 Million Piece of S&P Settlement

On Tuesday, credit rating agency Standards & Poor’s entered a $1.375 billion settlement with 18 states over the alleged inflated ratings it gave mortgage-backed securities which eventually turned toxic. Pennsylvania is receiving a $21.5 million chunk of the settlement. Of that money, $15 million will be distributed among state agencies, including ...
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CalPERS, CalSTRS Nab $300 Million From Settlement With S&P in Suit Over Mortgage Ratings

It was revealed today that credit rating agency Standards & Poor’s has entered a $1.375 billion settlement with 18 states over the alleged inflated ratings it gave mortgage-backed securities which eventually turned toxic. CalPERS and CalSTRS are the biggest individual beneficiaries of the settlement; the entities will receive more than $300 million ...
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Pension Funds Find Farmland To Be Fertile Investment

Institutional investors are donning their straw hats, opening their tool sheds and getting to work in the crop fields. Investors are drawn to farmland by strong returns and its weak correlation with other assets. From The Economist: Institutional investors such as pension funds see farmland as fertile ground to plough, either doing their own deals ...
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Yves Smith on CalPERS’ Private Equity Review: Is It Enough?

On Thursday, Pensions & Investments broke the story that CalPERS was putting its private equity benchmarks under review. Beginning with the end of last fiscal year, the fund’s private equity portfolio has underperformed benchmarks over one year, three-year, five-year and ten-year periods [see the chart embedded in the post below]. CalPERS staff ...
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General Partners Gain Upper Hand Over Pension Funds As Raising Capital Becomes Easier

Pensions & Investments released an interesting report yesterday outlining the balance of power in the private equity world between general partners and pension funds. In the last few years, the balance of power has shifted dramatically towards GP’s, according to the report. From Pensions & Investments: Until the 2008 financial crisis, general ...
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Pension Funds Look to Place Bets on Shipping Recovery

Some pension funds are thinking of buying a boat. More specifically, they are weighing investments in the shipping industry, which some observers say is due for a recovery. If the industry does rebound, pension funds want to be among the beneficiaries. But they are treading these waters carefully. Reported by Reuters: Pension funds, squeezed by low ...
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Hedge Funds Willing to Reduce Fees In Exchange For Longer Commitments

Hedge funds are looking to lock up investor funds for longer periods of time — 66 percent of hedge funds aimed to lock up funds for one year or more in 2013, according to a survey by eVestment. In exchange, funds are willing to revise their fee structures downward. From the Wall Street Journal: Managers say tying up investor money for a year or more ...
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Pennsylvania Teachers’ Pension Puts $2 Billion of Private Equity Stakes Up For Sale

The Pennsylvania Public School Employees’ Retirement System (PSERS) is attempting to sell a significant portion of its stakes in various private equity funds. The pension fund is looking to sell off $2 billion of such investments, a total that amounts to about 22 percent of its private equity holdings. PSERS is putting the stakes up for sale to cash ...
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The Dutch Pension System’s “Hidden Risk”

The Dutch pension system has been getting lots of press in recent days – a recent New York Times report and a PBS documentary from last year have espoused the virtues of the system, which covers 90 percent of workers while remaining well-funded. But the system carries a “hidden risk” for participants. Allison Schrager explains in BusinessWeek: Compared ...
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CalPERS Dials Up Real Estate; Will Increase Allocation By 27 Percent

CalPERS has beefed up its real estate portfolio this summer, but the fund is far from finished: by 2016, it plans to increase its real estate holdings by 27 percent. The pension fund says real estate will largely fill the void left in the wake of its hedge fund exit. From Bloomberg: The California Public Employees’ Retirement System, the biggest ...
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