Alternative Investments Asset Class

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Fresno County Adopts New A/A

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. …

Oregon Council Commits to Three New Funds

The Oregon Investment Council (OIC) made three new investments at its meeting on Wednesday, spokesman Ley Garnett told IMW via e-mail. AllianceBernstein received $200 million for its All Asset Deep Value Fund L.P. 'It's planned to be a $2 billion fund to take opportunities in residential real estate, Garnett said via e-mail. …

FBI Makes Subprime Arrests

Former Bear Stearns hedge fund managers, Ralph Cioffi and Matthew Tannin were arrested and taken to a Brooklyn Federal court today. The charges are the first to come out of federal investigations of possible fraud on the part of banks and mortgage companies whose investments in subprime loans led to nearly $400 billion in losses for Wall Street. Allegedly, Cioffi and Tannin discussed the state of the hedge funds and acknowledged that they were in…

City of Knoxville Creates New Allocations

The $540 million City of Knoxville Pension Board will meet with consultant Dan Holmes of Summit Strategies next month to discuss ways to implement recently approved allocations, said Mike Cherry, executive director at the fund. Following the results of an asset/liability study, the plan decided to carve out allocations of 11% to portable alpha, 5.5% each to emerging markets equity and international small-cap equity and 5% each to private energy and private equity, Cherry said. Within…

Iowa Regents Examines Assets

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. According to the minutes for the Regents April meeting, the board will consider increasing its investments in real…

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Manchester To Interview FoF Managers

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

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

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

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

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.

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