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Mandate Wins

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.

Haverhill R.S. Hires for Small-Cap

August 4, 2008 - The Haverhill Retirement System has selected Putnam Investments to manage an $8.5 million small-cap growth mandate, confirmed Kathleen Gallant, administrator at the $174.9 million fund. Gallant referred all questions regarding the hire to Gus Aristizabal, the plan's consultant with Wainwright Investment Counsel, who assisted with the search. He did not return calls by press time, however.

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.

William Blair in At Sacramento County

July 28, 2008 - The Sacramento County Employees' Retirement System (SCERS) recently hired William Blair & Company for a $60 million international small-cap equity investment. Jeff States, CIO with the $6.3 billion plan, said that SCERS currently has another small-cap international equity portfolio of about the same size with AXA Rosenberg, but that the board decided to double its exposure to the asset class and hire a new manager (See IMW, 5/19/08).

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.

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.

San Bernardino Makes New Investments

July 14, 2008 - The San Bernardino County Employees' Retirement Association (SBCERA) recently made commitments to three new funds, said Don Pierce, investment officer with the $6 billion plan. The board approved real estate investments of $20 million each in Bryanston Real Estate Opportunity Fund II and Square Mile Partners III. Also approved was a $30 million investment in Invesco's high yield debt fund II.

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.

IPERS Wraps Up Fund-Of-Funds Search

July 7, 2008 - The Iowa Public Employees' Retirement System (IPERS) has hired two hedge fund-of-funds managers, said Karl Koch, CIO with the $23.8 billion plan. The full board approved recommendations made by the evaluation committee to hire Blackstone Alternative Asset Management and JPMorgan Alternative Asset Management. Koch said that both are still subject to successful contract negotiations.

Jersey State Adds To Alternatives

June 30, 2008 - The New Jersey State Investment Council (NJSIC) has added four new investments to its alternative portfolio, confirmed Tom Bell, spokesman with the state's department of the treasury. The council approved a $75 million hedge fund investment with Ironbound Capital Management, as well as a $100 million private equity investment in Fairview's Capstone II NJDOI Emerging Manager Separate Account.

Abbott Picked By Baltimore Employee Plan

June 30, 2008 - Private equity manager Abbott Capital Management has been hired by the $1.4 billion Baltimore Employees' Retirement System. The firm will receive a $40 million commitment to be invested in the Abbott Capital Private Equity Fund VI. An agenda for a June 18 City of Baltimore board of estimates meeting states that the plan has previously invested in two funds with the manager.

New Mexico ERB Hires for Alternatives

June 23, 2008 - New investments in infrastructure, real estate and private equity recently received the green light at the $9.4 billion New Mexico Educational Retirement Board (NMERB), said Bob Jacksha, CIO at the Sante Fe plan. He noted that the board approved infrastructure investments of $50 million each to Citi Infrastructure Partners and Alinda Infrastructure Fund II, which gets the plan close to its target for the asset class. In real estate, the board also committed $50 million in Prima Mortgage Investment Trust. A $50 million private equity investment in Levine Leichtman Capital Partners IV was also approved.

Arkansas Approves New Investments

June 23, 2008 - The Arkansas Teacher Retirement System (ATRS) made new investments in private equity and real estate investments at a meeting earlier this month. According to published reports, the board approved a $50 million private equity commitment in Vista Equity Partners' Equity III fund, which invests in software firms.

Morgan Stanley, AEW in at Orange County

June 23, 2008 - The Orange County Employees Retirement System (OCERS) has selected AEW Capital Management and Morgan Stanley Real Estate Advisors to oversee $25 million each in real estate core open-end commingled funds, confirmed Robert Kinsler, spokesman for the $8 billion California plan. Kinsler said that AEW was selected because of its discounted fee structure, strong, research driven investment process and the existing relationship that the fund has with the manager. Morgan Stanley was awarded the mandate because of its long-term track record, diversified portfolio, investment team and the quality of the assets in its portfolio.