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New Investments Made in San Francisco

August 18, 2008 - The San Francisco City & County Employees' Retirement System (SFERS) approved allocations to two new alternative funds, said David Kushner, deputy director of investments with the $16.7 billion plan. The board approved a E20 million allocation to Apollo Alternative Assets' European Principal Finance Fund and a $30 million allocation to Towerbrook Capital Partners's Investors III fund, a private equity fund focused on companies in Europe and North America.

Fresno County Adopts New A/A

August 18, 2008 - The Fresno County Employees' Retirement Association (FCERA) has adopted a new asset mix which includes allocations to opportunistic fixed-income, hedge funds and real assets, said Roberto Pena, administrator at the $2.7 billion fund. The changes are due to the results of a recently completed asset/liability study conducted by Wurts & Associates.

Alaska Perm Hunts for Real Estate Analyst

August 4, 2008 - The $37 billion Alaska Permanent Fund Corporation (APFC) is looking for a new real estate investment analyst, according to its Web site. The plan is looking for someone to assist the manager of real estate investments in 'conducting research and analysis and performing specific portfolio and manager oversight activities.'

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.

Texas ERS Hunts For Real Estate Consultant

July 14, 2008 - The Employees Retirement System of Texas (ERS) is aiming to bring a consultant on board to assist with the development of a long-term real estate investment strategy, said Mary Jane Wardlow, spokeswoman for the fund. She explained that the search evolved from the decision to invest in the asset class two years ago (See IMW, 12/18/06). At that time the ERS board decided to add a 15% allocation to real estate and private equity, with 7% going to real estate. The board has since hired Altius Associates as its private equity consultant (See IMW, 6/4/07).

Worcester Hunts For Non-Core Real Estate

July 7, 2008 - The Worcester Retirement System has issued an RFP for a non-core real estate manager to oversee between $5 million and $15 million in value-added, opportunistic and fund-of-funds strategies for the plan. The account will be benchmarked against the NCREIF Property index, according to the RFP.

NYC Board Of Ed Eyes Real Estate

July 7, 2008 - The City of New York Office of the Comptroller has hit the market for private equity real estate managers on behalf of the New York City Board of Education Retirement System (NYCBERS). According to the RFQ issued for the search, NYCBERS is looking for one or more managers to oversee $130 in private equity real estate investments through fund-of-funds, manager-of-managers, limited partnerships, open-end real estate funds and other investment vehicles. The plan wants to gain exposure to 'a diverse range of property types' through core and enhanced/opportunistic investments.

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.

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.

City of Baltimore Hires JPMorgan For Real Estate

June 16, 2008 - The Baltimore Employees' Retirement System recently made an additional $5 million commitment to real estate. The funds will be invested in JPMorgan's Urban Renaissance Property Fund. According to the agenda for city of Baltimore's June 11 board of estimates meeting, there were two other finalist firms in the search. Callan Associates assisted the $1.5 billion fund.

More Real Estate In Boston's Future

June 16, 2008 - The $4.3 billion Boston Retirement System is looking to invest up to $50 million in real estate funds. The RFP indicates that the $50 million would be split evenly among core-plus, value-added and opportunistic, sector focused, secondaries and mezzanine/high yield investments. The plan will only consider closed-end funds.

Iowa Regents Examine Assets

June 16, 2008 - The $1.8 billion Board of Regents for the State of Iowa is currently undergoing a review of its asset allocation, said Chief Business Officer Patrice Sayre. 'This is a formal review with our financial investment advisor, Wilshire Associates,' she said, adding that plan changes will be brought to the August Board of Regents meeting for discussion and anticipated approval.

Santa Fe Board Adds to Manager Roster

June 9, 2008 - The New Mexico Public Employees' Retirement Association (NMPERA) has hired managers for U.S. REIT accounts, said Dominic Garcia, deputy director of investments with the $13.6 billion plan. Following recommendations made by its evaluation committee, LaSalle Asset Management and Wellington Asset Management will oversee $50 million each for U.S. REITs.