Calpers

CalPERS Is Cutting Its Private Equity Managers, But That Doesn’t Mean It’s Breaking Up With PE

CalPERS announced this week that it was cutting down the number of private equity managers it employs – possibly by as much as two-thirds. The change comes in the name of cutting costs. A similar rationale was used when the pension fund decided to exit its entire hedge fund portfolio last year. But unlike hedge funds, private equity will remain a ...
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Dutch Pension Turns $56 Million Profit From Hedge Fund Exit

The Netherlands’ second-largest pension fund, PFZW, decided late in 2014 to completely exit its $2 billion hedge fund portfolio. Two months later, after a rapid-fire wind down, the pension fund has exited all hedge funds – and it made a $56 million profit in the process. From ai-cio.com: Dutch healthcare sector pension PFZW netted a $56 million ...
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Dutch Pension Drops Hedge Funds

The Netherlands’ second-largest pension fund has announced plans to exit its hedge funds investments. The fund, PFZW, has already began the process of winding down the investments. The fund cited complexity, lack of performance and excessive costs as reasons for the pullout. From Reuters: The Netherlands’ PFZW has become the latest major ...
Calpers

Ex-CalPERS Hedge Fund Honcho Joins Chatham

Chatham Asset Management has hired the former chief of CalPERS’ hedge fund strategy, Ed Robertiello. Ed Robertiello left CalPERS after the pension fund decided to pull its money out of hedge funds. More from Bloomberg: Robertiello started Jan. 1 as a partner and director of strategic development, the $1.7 billion Chatham, New Jersey-based firm told ...
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Paul Singer Says CalPERS Was “Wrong to Desert” Hedge Funds

Paul Singer, a hedge fund manager, activist investor and billionaire, again questioned CalPERS’ decision to pull out of hedge funds at a conference Friday in New York. Heard by Businessweek: Paul Singer, who runs hedge fund firm Elliott Management, said the decision by the California Public Employees’ Retirement System to stop investing with hedge ...
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Video: CalPERS CIO Talks Hedge Fund Exit, Market Risk of Climate Change and Corporate Tax Avoidance

The above video features an interview with CalPERS chief investment officer Ted Eliopoulos. Topics include CalPERS’ hedge fund exit, the fund’s stance on corporate tax avoidance, and how climate change has impacted the fund’s portfolio. Ai-CIO.com summarizes a few key points from the interview. On hedge funds: “One of our prime ...
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Video: California CIO On Why He Thinks Divesting From Hedge Funds Doesn’t Make Sense

The above video features Sean Bill, CIO of Santa Clara Valley Transportation Authority and trustee for the City of San Jose. During the interview, he touches on CalPERS’ hedge fund exit, why he thinks the move was “political”, and the difficult of handling investments in-house.   Video from Chief Investment Officer magazine.
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Deutsche Bank: CalPERS’ Hedge Fund Exit “Has No Bearing” On Allocations Of Institutional Investors

Deutsche Bank says that after a series of meetings this month with institutional investors, they’ve concluded that CalPERS’ hedge fund exit “has no bearing on most investors commitment to the industry.” From ValueWalk: Deutsche Bank prime brokerage notes that hedge funds have been engaged in “extreme protection buying in equities” and said ...
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Chart: Comparing CalPERS to the Endowment Index

The Endowment Index represents the asset allocation and returns of the world’s largest institutional investors. The this chart [above], you can compare the asset allocation and 10-year returns of CalPERS to other massive institutional investors. This chart represents CalPERS’ allocation before its hedge fund exit, which is an ongoing process. More ...
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What Does CalPERS’ Hedge Fund Pullout Mean For the “Average” Investor?

Larry Zimpleman, chairman and president of Principal Financial Group, has written a short piece in the Wall Street Journal today detailing his reaction to CalPERS cutting hedge funds out of their portfolio and what the move means for the average investor. From the WSJ: I was very interested (and a bit surprised) to read about the decision of Calpers ...
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