Gregg Gethard
Could a 'Total Portfolio Approach' model come to the nation's largest pension system?
CalPERS named Stephen Gilmore, formerly CIO of New Zealand Superannuation Fund, as its new chief investment officer.
US pension MassPRIM, which committed to just a single venture fund in 2023, has already committed to two this year.
The pension aims to invest about $200m in venture capital and growth funds this year, after committing a combined $77.5m to five venture funds in 2023.
Liquidity from the system’s PE portfolio dropped off over the past two years.
The California system, which committed to early-stage tech investor Eclipse this year, is ramping up its private equity program after a spike to its target allocation.
The Sacramento County Employees' Retirement System plans to ease back on its commitments to venture until it sees a rebound in the exit market.
“Nothing the managers said today gave me any confidence that we’re going to get distributions to the level of NAV they’ve marked on their portfolios,” says Marin County board president Sara Klein.
LP stands for 'Limited Patience' as overworked, overextended and stressed-out professionals cut ties and create a brain drain.
The system’s investment staff may expand target ranges, among other tweaks, as its cashflow needs change.