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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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CalPERS Puts Private Equity Benchmarks Under Review

CalPERS’ private equity portfolio underperformed its benchmark by 3.3 percent last fiscal year – but that’s only one of the reasons that the country’s largest public pension fund is putting its private equity benchmarks under review. Reported by Pensions & Investments: CalPERS’ $31 billion private equity portfolio has underperformed ...
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Fitch: Hedge Funds Will Continue “Winning and Keeping” Public Pensions Assets

Fitch Ratings predicts that, despite several high-profile exits by pension funds this year, hedge funds will continue to count public pension funds as major investors. The ratings agency says exits by funds like CalPERS are “not representative of broader sector trends” and says it believes hedge funds still “deliver competitive returns net of ...
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Dan Primack: All Alternatives Are Not Created Equal

Pension funds have been receiving flak from all sides lately regarding alternative investments. The criticisms have been varied: the high fees, opacity, underperformance and illiquidity. But, outside of official statements from pension staff defending their investments, it’s not often we get to here from the people on the other side of the argument. Dan ...
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Report: Maryland Fund Lost Billions Due To Underperformance

The Maryland State and Retirement Pension System returned 14.4 percent last fiscal year – a return that the Chief Investment Officer praised as “strong” and that doubled the fund’s expected rate of return of 7.75 percent. But a new report from the Maryland Public Policy Institute claims that the returns weren’t good enough From the Maryland ...
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Harvard Endowment Fund Under Fire For Bonuses, Other Investment Expenses

A group of Harvard alumni are voicing concern and anger over the compensation packages of investment managers who run the school’s endowment fund. From Chief Investment Officer: Harvard Management Company (HMC), which runs the $32.7 billion fund, paid $132.8 million in salaries, bonuses, and benefits in the 12 months to June 30, 2013. This was more ...
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