Sam Sutton
Réal Desrochers is stepping down from his role at the helm of California Public Employees’ Retirement System’s private equity portfolio to take a position at a large overseas bank, according to the retirement system. A news release did not identify the bank where Desrochers is taking a new position. His last day with CalPERS is […]
Low pay has drained New Jersey Division of Investment of its alternative-assets team, State Investment Council members said at a March 29 meeting. Meghna Desai is the third member of the $71.6 billion pension system’s alternative-investment team to step down in the past eight months. She left for a position at an endowment on March […]
Pension Consulting Alliance resigned its contract as private equity consultant with California Public Employees’ Retirement System, according to a letter signed by Managing Director Allan Emkin. It’s unclear why the firm resigned. The PE consultant advises the CalPERS board on its $25.4 billion portfolio. PCA signed its most recent contract with the $310.8 billion retirement […]
California Public Employees’ Retirement System in the second half of 2016 grossed $434 million from the sale of its stakes in 26 private equity funds managed by 16 firms, according to a Pension Consulting Alliance report included in materials for an upcoming meeting. The sale was an auction process run by staff with Cogent as an […]
The Securities and Exchange Commission censured and fined 10 firms for violating federal pay-to-play rules, the regulator said Tuesday. The cases, which were not connected, involve contributions to public officials in Massachusetts, New York, Wisconsin and Illinois, according to the SEC’s findings. Contributions include donations to state and local political campaigns made between 2011 and 2015. […]
Los Angeles County Employees Retirement Association greenlit an investment plan that will allow about $1.5 billion of private equity commitments in 2017, spokeswoman Linda Ghazarian said. LACERA sets loose parameters around its commitment pace to account for changing market conditions or reduced allocations to certain funds. At year-end, the retirement association likely will have committed $1.2 […]
Los Angeles Fire and Police Pensions found no fault with internal rates of return calculated by private equity consultant Portfolio Advisors, according to audit materials published in the pension’s Jan. 5 meeting materials. The review was conducted by RVK, the board’s general investments consultant, along with LAFPP staff. The $19.5 billion public pension ’s internal […]
California Public Employees’ Retirement System slashed its interim allocation for private equity to 8 percent from 10 percent, spokesman Brad Pacheco said in an email. The adjustment did not involve changes to CalPERS’s long-term strategic allocation to PE, which stands at 12 percent. The adjustment to its interim allocation will not bear on the retirement system’s […]
Robert Grady, a partner at Gryphon Investors and the former New Jersey State Investment Council chairman, is being floated for a role on president-elect Donald Trump’s cabinet, according to several news reports. Reports from POLITICO, The Huffington Post and The Daily Caller indicate Grady could be tapped to lead either the U.S. Department of the Interior or the U.S. […]
California State Teachers’ Retirement System pulled back the curtain on its private equity program, releasing new information about indirect fees and expenses charged by its managers. The report, included in the system’s upcoming meeting materials, includes data about CalSTRS’s share of the costs that PE firms charge to underlying portfolio companies for consulting and board-director […]