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Pension Pulse: Caisse’s High-Speed Push Into Infrastructure

Last week, Canada’s Caisse de dépôt et placement du Québec acquired a 30 percent stake in Eurostar International, a high-speed rail service that runs between London, Paris and Brussels. The deal came just months after Caisse partnered with Quebec’s government to take over some of the province’s major infrastructure projects. Leo Kolivakis ...
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Study Examines Herd Mentality in Pension Investing

Pension funds exhibit a herd mentality when formulating investment strategies, according to a new paper that studied the investment decisions of UK pension funds over the last 25 years. The paper, authored by David P. Blake, Lucio Sarno and Gabriele Zinna, claims that pension funds “display strong herding behavior” when making asset allocation ...
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Pennsylvania Pension Officials Defend Investment Strategy After Governor Calls for Overhaul

Last week, Pennsylvania Gov. Tom Wolf released his first budget proposal. Wolf has said many times that he doesn’t support a full overhaul of the state’s pension system. But his budget did contain some pension-related changes. Wolf is calling for the state’s pension funds to take a more passive approach to investing and to cut down the fees it ...
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Texas Pension Official: Sovereign-Wealth Funds Crowd Out Pensions on Co-Investing Opportunities

At a recent board meeting, a top official at the Teacher Retirement System of Texas outlined an emerging source of competition for pension funds looking to co-invest: sovereign wealth funds. Britt Harris, the pension fund’s CIO, said that his fund might have to consider new strategies to get in on the best co-investing opportunities, according to ...
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Pennsylvania Gov. Budget Proposal: Overhaul Pension Investment Strategy and Cut Fees, Managers

Pennsylvania Gov. Tom Wolf released his first budget proposal last week, and there were several items of interest related to pensions. On Wednesday, Pension360 covered Wolf’s proposal for issuing $3 billion in pension bonds to attempt to shore up the funding of the state’s two major pension systems. But Wolf is also proposing an overhaul of the ...
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Japan Pension’s Portfolio Overhaul Pays Dividends With Record Quarter

A shift into riskier investments has paid off for Japan’s pension fund – at least in the fourth quarter of 2014. In late 2014, Japan’s Government Pension Investment Fund (GPIF) began a portfolio overhaul that involved shifting a higher percentage of assets away from bonds and into stocks. The well-publicized shift proved to be a boon for the ...
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Pension Pulse: Diving Deeper Into Caisse’s Big 2014

The median U.S. public pension fund returned 6.8 percent in 2014. But north of the border, one of Canada’s largest public funds blew that figure away. Caisse de depot et Placement du Quebec, Canada’s second-largest pension fund, posted investment returns of 12 percent in 2014, nearly doubling the returns of its U.S. peers. Over at Pension Pulse, ...
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Private Equity Eyes Longer Timelines For Largest Investors

Some private equity firms are considering offering new investment structures that would allow their largest clients to invest over a longer period of time, according to a New York Times report. The new structure would extend the timeline of some investments to over 10 years, which could appeal to institutional clients looking for longer-term, lower-risk ...
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Disagreements Get Personal At San Diego Pension Board Meeting; One Trustee: “I Am Very Concerned For My Safety”

Until now, the major points of contention among trustees of San Diego County’s pension fund have been matters of investment policy. [Pension360 has covered some of the drama surrounding the fund’s outsourced CIO and its investment strategy.] But things are getting personal among the fund’s board members. An email exchange obtained by U-T San ...
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Study: Pensions Put Pressure on Private Equity to Formulate Environmental, Social Investment Policies

Research from the London Business School shows that the vast majority of large private equity firms – 85 percent – are feeling increased pressure from Europe’s institutional investors to incorporate environmental, social and governance (ESG) considerations into their investment policies and processes. Details from Investments & Pensions Europe: The ...
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