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Manchester To Interview FoF Managers

August 11, 2008 - The Manchester Employees' Contributory Retirement System (MECRS) is scheduled to meet with three private equity fund-of-funds managers this week, according to its Web site. The board will hear presentations from AIG Pinestar Capital, Landmark Equity Partners and Lexington Capital Partners, the document indicates.

L.A. Guns & Hoses Approves More Private Equity

August 11, 2008 - The Los Angeles Fire & Police Pension System (LAFPP) made commitments to two new private equity funds last week, said Tom Lopez, CIO at the $14.4 billion plan. The board approved recommendations made by StepStone Group to invest $10 million each in Clearlake Capital Partners II, a $500 million distressed debt fund that will target small and middle market companies in the U.S. and Canada, and Element Partners II, a $500 million venture capital fund focused on diversified investments in the clean technology sector.

Michigan Fund Creates New Program

August 11, 2008 - Michigan Governor Jennifer Granholm has unveiled a new $300 million investment program that will focus on companies within the state. The program, Invest Michigan!, will be funded from the state's $57 billion pension system, and will be divided into two units-the Growth Capital Fund and the Michigan Opportunities Fund.

Meketa Group Launches Twin Searches

August 4, 2008 - Meketa Investment Group is searching for managers who offer global listed infrastructure and global listed natural resource strategies, according to to an RFP issued by the Massachusetts-based consulting firm. Further details regarding the searches were unclear, as calls to Chris Tehranian, an associate with Meketa, were not returned by press time.

San Joaquin Considers New Asset Classes

August 4, 2008 - The $2.2 billion San Joaquin County Employees' Retirement Association (SJCERA) heard educational presentations on three asset classes last month, said Annette St. Urbain, CEO with the California plan. Consultant Strategic Investment Solutions presented information regarding currency hedging programs, inflation-linked asset classes and opportunity funds at the meeting.

CalPERS Seeks Inflation-Linked Firms

August 4, 2008 - The California Public Employees' Retirement System (CalPERS) is aiming to establish a pool of managers to oversee three types of inflation-linked asset class strategies: infrastructure, forestland and commodities. Clark McKinley, spokesman for the plan, said: 'Three of the four parts of the inflation-linked asset class are in place, with approved policies by the board (commodities, forestland and inflation-linked bonds). The infrastructure policy, which is more complicated, could go to the board as early as Aug. 18, when its investment committee considers the policy recommended by the investment committee policy subcommittee.'

N.J. Council Hires Three for Private Equity

July 28, 2008 - The New Jersey State Investment Council (NJSIC) added three new private equity investments to its portfolio this month, said Tom Bell, spokesman for the $77.7 billion plan. NJSIC awarded $100 million each to JPMorgan's Venture Capital Institutional Investors IV and Lehman Brothers' Secondary Opportunities Fund II, in addition to an investment of $200 million in Lindsay Goldberg's III Fund.

APFC Hires for Infrastructure, Private Equity

July 28, 2008 - The Alaska Permanent Fund Corporation (APFC) approved investments in two infrastructure funds last week, said Laura Achee, spokeswoman for the plan, via e-mail. The documents state that the APFC board approved allocations of $500 million and $250 million to Goldman Sachs' Institutional Infrastructure Partners II Fund and Alinda Capital Partners' II Fund, respectively.

Va. Fund Looks At New Asset Classes

July 28, 2008 - Private equity, real estate, global REITs and global asset allocation (GAA) were the topics of discussion at the Educational Employees' Supplementary Retirement System of Fairfax County's (ERFC) annual board retreat this month. The board was slated to receive presentations on private equity by Sean Gill and Rich Harper, the plan's consultants with NEPC, in addition to education on real estate from JPMorgan, Prudential, UBS and Urdang Capital Management; global REITs from Urdang; and GAA from Bridgewater Associates, Mellon Capital Management and PIMCO.

Connecticut Seeks Private Consultant

July 28, 2008 - The State of Connecticut Office of the Treasurer has issued an RFP on behalf of the Connecticut Retirement Plans and Trust Funds (CRPTF) for a consultant to assist the plan with its $2.86 billion private investments portfolio. The CRPTF has an 11% allocation to private investments. The remainder of the plan's assets are allocated as follows: 36% domestic equity, 20% core fixed-income, 15% developed markets international equity, 5% each high yield and real estate, 3% each in emerging markets equity and emerging market debt, 1% each inflation linked bonds and cash.

Investors Move Away From Buyout Funds

July 21, 2008 - Distressed debt funds and infrastructure funds piqued the interest of institutional investors in the second quarter, snaring capital that historically flowed towards traditional private equity funds, according to the latest data from Preqin. The report from Preqin, a London and New York private equity data company, found that private equity firms raised $161.9 billion in total for the second quarter. Coupled with first quarter figures, boosted the total capital raised in the first half of the year from 355 fund closings to $314 billion. Although 31 buyout funds collected $45.8 billion of commitments in the second quarter, the overall amount of money raised by LBO groups for the first half of the year declined by 21% compared to the prior year period, according to Preqin.

California Plan Continues Hiring Spree

July 21, 2008 - The San Bernardino County Employees' Retirement Association (SBCERA) made two more hires in its ongoing search for credit managers, said Don Pierce, investment officer with the $6 billion plan. Pierce said that the board approved allocations of $30 million each to American International Group's Mortgage Opportunity Fund and Halcyon's Asset-Backed Value Fund.

Chicago TPF Interviews Hedge Funds

July 21, 2008 - The Chicago Teachers Pension Fund (CTPF) interviewed four potential hedge fund-of-funds managers at a special board meeting last week, according to the agenda posted on the plan's site. The board were scheduled to interview Dorchester Capital Advisors, Harris Associates, K2 Advisors and Pacific Alternative Asset Management Company (PAAMCO).

Knoxville Moves Toward Searches

July 21, 2008 - The $540 million City of Knoxville Pension Board recently received education on the portable alpha and private equity asset classes and is likely to make an investment in both over the next few months, said Mike Cherry, executive director at the fund. 'I believe that we will move ahead with this,' he said.

New Hampshire State Plan Hires NEPC

July 14, 2008 - The investment committee of the New Hampshire Retirement System (NHRS) wrapped up its search for an alternative investment consultant last week, said Kristie Kathan, executive assistant at the $6 billion plan. Kathan said that NEPC was hired to serve as the new alternative investment consultant, subject to due diligence and successful contract negotiations.