After leading a 68.6% increase in 8 years, Kathleen Jacobs’ last day is Sept. 30
She will be the 7th Chief Investment Officer in two decades to leave the largest pension fund in the United States.
In taking on the role, Donegan became the first woman real estate director.
Some might call him an outlier, but Bob Jacksha's less conventional strategies paid off when he needed them most in 2022.
Chief Investment Officer Don Pierce and Dr. Arun Muralidhar have found a way to rebalance that has given California's San Bernardino County Employees Retirement Association at least 100 bps per year since 2005.
Caption: Doug Brown, CIO of Exelon, has a secret sauce in mentoring future CIOs, and this series explores it. In Part 3, Bob Watson, who took over the CIO role at Chrysler when Brown left for Exelon, discusses what best prepared him to become the next chief investment officer.
One co-CIO takes over entire CIO role, one strategic thinker gets poached.
Mercer's global head of ESG and Sustainability discusses how different regions of the world are applying ESG themes to their investment processes.
A simple method to manage unmanaged risks in portfolios (that were exposed in 2008)
The chief investment officer hired for Texas ERS during the pandemic led the team to achieve what few can.
Using RTX Corporation’s (formally known as Raytheon Technologies Corporation) data, she found disparities in minority populations. Now the chief investment officer is asking plan sponsors for data to help improve plans in the United States.
Greater dispersions ahead, warns Mercer columnist David Scopelliti
Cbus, Ontario Municipal and TTC all appoint new CIOs
Brian O’Neil of the Robert Wood Johnson Foundation talks with Ratna Kota of the Maryland State Retirement and Pension System on preparing a portfolio to hedge inflation, evaluating investments within an entire fund, and giving responsibility to your investment teams while remaining accountable, among other subjects.
This exclusive interview with the chief investment officer of the Van Andel Institute includes her boots-on-the-ground observations in Asia and Europe.
In an exclusive interview with Markets Group's Adena Baichan, Teal reflects on inflation, globalization, streamlining investment offices, and asset allocations.
During a deep interview on his career, Kamal discusses his investment philosophies, and where he is placing his priorities as a new chief investment officer.
ILPA's new board was unanimously elected
In a series about how Doug Brown mentored future CIOs, we follow a woman who became a CIO at two public companies.
Starting her new chief investment officer role during a wild time in economic history, her knack of finding diverse managers is reducing risk and paying off.
CIO Neil Roache of J&J discusses the “Doug Model” in a series about 5 mentees (and counting) who rose to CIO seats.
Fernando has a goal to increase the fund's exposure to private markets.
The fund has set a priority to enhance its strategy during proxy voting season, and vote for disclosures on greenhouse gas emissions and diverse board members.
Does this new economy require staying the course or a new approach: What the Chief Investment Officer of the IMF is asking of his managers.
Upgrading tech systems gave this New York fund a competitive, digital edge.
“This, historically turns out to be the best time in the world to invest in companies.”
Dubai-based Standard Chartered bank recently developed a new investment model whereby it promotes diversity of thought, takes on opposing views and encourages debate at the investment committee level. In this interview, EMEA CIO Manpreet Gill details the effect that investment diversity has on performance and return.
As he leaves his role at International Paper, the vice president of investments talks candidly about plan improvements, surviving a lawsuit, threats to pensioners, and succession planning.
Harris will depart from his role at the $66 billion investment organization June 30.
Many investors naively assume that if an infrastructure asset’s cash flow is in some way inflation-linked, that is enough.
Denver Foundation's president and CEO is incorporating diversity, equity and inclusion to policy, investments and grantmaking while creating individualized ESG metrics for the foundation.
A quick discussion on female representation within the finance industry by Legalsuper's head of strategy.
In a multimedia interview, the favored consultant and executive vice president of Callan gives philosophy on investment due diligence, onboarding board members, and other topics on chief investment officers' minds.
On the heels of a fusion breakthrough, Coaker speaks to his peers about what’s ahead and what investors should know about fusion as a potential energy source.
Report tracks migration, immigration patterns, and educational trends of private wealth holders.
Minnesota’s CIO resurfaces after retiring in October.
The CIO was poached from NYU.
Bob Hunkeler will retire at the end of the quarter.
Ben Cotton will take over for Bob Devine and Jim Grossman, all PSERS staff cleared of wrongdoing.
Investors give standing ovation and enumerate his many contributions to the industry.
New Mexico's interim rising star beats pool of 200 applicants.
Regarding board politics, “If you can't really explain what you were trying to do, you've got problems,” said Maynard.
Shannon O'Leary: I have seen a number of firms significantly damage their investors via rampant group-think.
Rising interest rates, macroeconomic outlook pushes investors towards emerging strategies.
Director of marketable investments, Jackie O. Gifford,
joins OCIO.
Trevin Erichsen will serve as interim CEO while a
full-time replacement is found.
A merger between CareSuper and Spirit Super would create
a fund with 500,000 members and US$29 billion under management.
Drop in alternative holdings allows SBA to back five
funds, including one focused on digital assets.
While Republicans looked set to take control of the
House, Democrats were faring better than many expected in the Senate race,
which was too close to call.
Because Taiwan Semiconductor Manufacturing Co. is
comfortably the world's largest contract manufacturer of semiconductors, a
takeover could have far-reaching impacts.
HESTA will be provided a first right of refusal to
invest in existing and new projects by Countrywide Hydrogen.
Geoffroy Vermeire will be responsible for the group’s
private client office in Belgium.
The Oman Investment Authority will consider owning up
to 10% of the project, which is valued at $1.5 billion in total.
This means it will adjust for changes in asset
enterprise values so that its carbon intensity reductions are more accurate.
It will license component technology from BMW for use
in the vehicle development process.
The fund will invest in “generational companies born in Australia and Aotearoa New Zealand”.
Singapore SWF pays $4.4 bn for open ended public REIT
System will look to launch co-investment program and
do more internationally.
King Street Capital, Omnam Investment exit 162-room, renovated
asset after 5 years.
Meta Platforms, Samsung Electronics and Nvidia have
all fallen out over the course of 2022.
Program’s private equity program reports a loss, leads to restatement of year-end numbers .
MSquared Affordable NYC Fund marks a first for
Trinity.
The investors, from 33 countries, urged governments to
put in place climate strategies, to transition away from fossil fuels, end
deforestation, bolster climate finance, and strengthen disclosures.
Washington State pension system will commit up to $250
million.
OTPP real estate arm, Hines BTR scheme targets
transit, employment hubs.
Effort to do more such deals is driven by a desire to
reduce costs by $300 million annually.
Secretary General Dr. Srikanya Yathip details how the fund executes on its ESG mission.
Expected shortfall in distributions and tough
secondary market may lead to reduced commitments.
Retirement system flips 200,000SF, $3 Million property
it purchased in 1973 for $108 million
The group’s insurance fund investment portfolio grew
9.6% in the first nine months of 2022 to $590 billion.
The government will form a national ‘housing accord’
with local governments, investors, and the construction sector.
Chinese assets have continued their downward trend in
the wake of the Chinese Communist Party’s meeting.
The fund will set up investment companies in Bahrain,
Iraq, Jordan, Oman, the Republic of Sudan, and Egypt.
Among other changes, Tan Chong Lee, currently the
group’s president, will be transferred to 65 Equity Partners as CEO.
The MPF system is on track for its worst annual
performance since 2008.
Karen Frank’s plans after
two years in the role are not known.
Life sciences venture to develop R&D,
manufacturing facilities in Qingpu by 2024.
Third
school in Research Triangle, Duke University, posts a 1.5% loss.
Ivan Manolov spent nearly 11 years at YMCA Fund.
Because no withdrawals from the fund are expected
until 2035, it invests mostly in risk assets.
The under-representation of women in leadership
positions has been identified as a major contributor to the pay gap.
System reducing pacing plans for two sectors – despite
strong gains from both.
Princeton said its endowment was down 1.5%.
Greg Ruiz joins Jasper Ridge Partners after helping ‘turn
around’ CalPERS’ PE program.
Georgios Leontaris on the future of fixed income products.
Retirement system raises cash holdings 6
percentage points above policy target
The A$193 billion fund’s portfolio sank 0.6% during
the quarter as equity and bond markets retreated.
Bradley Dyslin to replace retiring Eric Kirsch.
Sovereign
wealth fund backs three sector funds and also commits to infrastructure and
distressed lending funds.
Board approves commitment to Angelo Gordon Realty.
As stewardship investment officer, Philip Larrieu will
focus on maximizing Oregon’s public equity holdings through corporate
engagement.
New Mexico State Investment Council CIO reflects on
career, investment changes and millennials.
The funds are asking the courts whether the auto maker
had the right to refuse a climate lobbying disclosure resolution put forward at
its AGM.
Currently comprising 5.4% of the portfolio, it can be
expanded to 10% over the next 10 years.
Martin Longchamps is hired from PSP Investments,
replaces Martin Laguerre.
Abu Dhabi sovereign wealth fund commits half the
amount that Aliph Capital is seeking to raise.
System is looking to ramp up its activity in
infrastructure.
Energy infrastructure firm to build 300 EV charging
stations.
U-M reports a gain of 2.2%, making it the third Big 10
school to post a positive number for fiscal year.
Retiring Ian Martin has served as chair since 2017.
The plant is expected to produce 9 million gallons of
aviation fuel and 1 million gallons of renewable diesel annually.
Head of risk asset and risk allocation role has been
vacant since Edwin Denson became CIO in April 2021.
The plan has a 2035 net zero target.
The
prime minister resigned on October 20 after less than two months in office.
The
country’s large energy and materials industries will likely shield the local
economy.
The Norwegian fund has entered into a joint venture
with PSP Investments and Longfellow Real Estate Partners.
Gaw Capital Partners has invested in a company with a
1.9GW renewable energy pipeline.
SFERS is enduring a tough 2022, thanks to steep
declines in public markets and fixed income portfolios.
North Dakota State Department
of Trust Lands and Employees’ Retirement System of the State of Hawaii hope to
have new CIOs hired before year-end.
Frank Garcia to lead SFR fund strategy.
Former Employees Retirement System of Texas chief investment officer invokes his experience to
determine the mindset of investing in a high-inflation and rising-rates environment.
CIO Ronald Schmitz also expects private equity returns
to be a bit stronger than hoped.
The market is pricing in a terminal rate of around
4.9% by March 2023.
Consensus
earnings per-share growth estimates remain ‘too high’ at 7% for the S&P 500
index.
South Africa’s Kasada pens fourth hotel deal in
Senegal.
Neil Shah helped oversee private equity and real
assets at NU.
Lauren Jacobson is tapped to fill role that has been
vacant since Anne Dinneen’s departure in April.
Labat Africa exports medical-grade cannabis to
Australian pharmaceutical drug company PharmaCann.
Gemini is a 690MW solar plus 1,416MWh battery energy
storage facility that is expected to be operational in 2023.
Canadian pension manager commits to $125M round of
financing for Soli Organic.
$17.8 billion system is building up its risk
diversifiers portfolio.
WSIB’s returns are currently second only to Oregon
Public Employees Retirement Fund.
The $75.9B system joins the small group of public
pension funds that generated a gain for the 2021-22 fiscal year.
Yale University is still the
only Ivy League school to generate a positive return.
Lightrock exceeds
target thanks to bringing in a global mix of institutional investors.
Sinni has been with $8.7B fund since 2013, crafting
strategic asset allocation and overseeing parts of the portfolio.
Poised to step down as CIO at the end of 2023 after 12
years, Hewsenian discusses career, including serving as a consultant to CalPERS
and being a special ed teacher.
CIO
Farouki Majeed sees benefits in switching away from hedge funds to private credit
and infrastructure.
John Coombe joins from the RockCreek Group.
David Holmgren and his investment team
finish the year as high achievers as they exit Hartford HealthCare.
U.K. investment firm launches index to model mental
health engagement at top 100 largest companies.
Neumora Therapeutics is developing medicines to treat
brain diseases.
The Bank of England has already expanded the program
due to the risk of ‘self-reinforcing fire sale dynamics.’
The firm is targeting rising levels of wealth in the
world’s second-largest economy.
The world’s largest sovereign wealth fund has bulked
up its teams focused on climate issues.
An interview with Maddi Heckman, Markets Group & Jonathan Martin, Anfield Hotel Advisors, LLC.
Hy24, a joint venture between FiveT Hydrogen and
Ardian, has raised $2B for its first fund.
Hyde Hsu joins from the New York City Retirement
System.
System commits to three credit funds, a real estate
fund and a private equity fund.
Bruce Fink is named to replace Elizabeth B.A. Miller,
who retired in July.
Lauren
Gellhaus will focus on pension plans for the institutional advisor.
Online
giant sets up program to invest in venture funds backing entrepreneurs from
underrepresented backgrounds.
Allen Waldrop fills a role that has been open since
Steve Moseley’s departure.
Bulk of capital deployed into two private equity funds
and a real estate fund.
Energy
storage startup raises $450M in Series E Financing
Andrew Fraser will replace Don Luke, who was
previously chair of QSuper and served as CEO of Sunsuper for more than a
decade.
The world’s largest reinsurer will also no longer
insure new oil and gas projects starting in April 2023.
Neil Cochrane is stepping down after nine years in the
position.
Brijesh Jeevarathnam is tapped to replace the retiring
Kelly Meldrum.
School brings aboard three New Englanders and
establishes an office more than 1,200 miles away in Boston.
TCDRS has committed a third of the capital it deployed in the sector in 2021.
Carlos Rangel will be among those advising Yellen on
efforts to advance racial equity in the economy.
University does so in first year without legendary CIO
David Swenson.
Canadian pensions to deploy +$90B towards transition,
decarbonization.
65 Equity Partners will help prepare ShopBack for a
potential initial public offering.
Graham joins Manulife from Cigna, where he was CEO for
the Asia Pacific region.
Innovafeed will use the funds to expand a vertical
insect farm in France and accelerate its international expansion, notably in
the U.S.
System approves new asset
allocation target that increases credit and public equity while lowering real
estate and interest-rate sensitive strategies.
System, however, bested other public pension plans thanks to diversified
strategy.
Karisa Diephouse, chief operating officer at Beacon Pointe Advisors, details the rise of the M&A trend in
wealth management and her role as part of the largest female-run RIA in the
country.
The fund moved to lower carbon benchmarks for its New
Zealand equities portfolio in May.
The investment will support the development of the Rye
Park Wind Farm in New South Wales.
Inaugural Hall of Fame recipient, Mansco Perry, CIO of Minnesota, surprises mentor and inducts Bicker alongside himself.
Richelle Sugiyama is tapped to replace retiring Bob
Maynard.
Christopher Schelling starts 512 Alternatives after
recent stints with Venturi Private Wealth and Windmuehle Companies.
The Swiss group is bulking up its Asian operations.
The
system saw the largest annual gain in its history during the 2021 fiscal year.
Study by KKR finds CIOs
are looking to increase exposure to illiquid investments but want ones
providing more upfront yields.
Tray.io is focused on solving the problems companies
face as they undergo rapid digital transformation.
System receives OK to invest in new funds from Raith
and Homestead Capital.
KLP aims to pour at least $550M each year into ‘climate-friendly
investments.’
The announcement comes nearly two decades after the
failure of Nigeria Airways, in 2004.
UniSuper’s current look-through exposure to fossil
fuels is 2.8%.
Had been a member of the alternative credit team for
the past three years.
SIC had backed prior funds from Intermediate Capital
Group and JMI.
Jacqueline “JaQ” Campbell, president and CEO of
Detroit-based RIA Alexander Legacy Private Wealth, began her career in wealth
management at age 16. She discovered the industry through a high school
internship program that set her down the path of financial services, ultimately
leading her to private wealth management.
Both funds get board approval to submit budgetary
increases for legislative review.
School
currently has approximately 30% of its endowment invested in VC.
Issues with leakage mean that rather than solving
climate change, some green hydrogen projects could exacerbate it.
System is currently overallocated to sector.
Ros McKay joined Cbus’ responsible investment team
four years ago as head of stewardship and policy.
‘Once we get regulatory clarity, institutional adoption will accelerate.’
System backs Two Ardian Funds and an Oak Street real
estate fund.
CIO
Jagdeep Singh Bachher wants to ‘bring home’ capital after seeing China’s
actions during the pandemic.
The $24.3 billion Louisiana system commits $425 million.
University
of California’s investment arm now has more allocated to cash than it does to
private credit, real assets, or absolute return.
The term single family office has become subjective. Paul Reynolds, director at Thamesis Limited, discusses the nuances of a
single-family office and debunks misconceptions of how the wealthiest people in
the world manage their money.
Michael
Nguyen will serve as director of investments at the $4.5 billion endowment.
But
SWIB’s private markets CIO said division will continue to work with consultants.
Institutional
investor sees value in company providing an array of home services.
‘Trickledown effect’ impacting the staffing levels from the CEO to the managing director level.
SWF targets private income & infrastructure, PE
funds.
System
in rare position to not only pursue fund stakes, but also do more co-investing.
Blue
Opal Capital, Abu Dhabi Investment Authority, Ahmed Al Mosa, Federico Jost,
Sebastien de Jong
New asset
allocation strategy ups target to private equity to 15%, doubles target for
private credit to 10%.
Plan also seeks to give leadership more authority to
approve fund investments, co-investments, and secondary transactions.
Sale to Australian Atlas Arteria valued at over $2B.
Oregon Public
Employees Retirement Fund, Maine Public Employee Retirement System and the New
Mexico Educational Retirement Board among those who benefitted from being overallocated
to PE.
Raynald
Leveque succeeds Larry Johansen in overseeing $11 billion program.Raynald
Leveque succeeds Larry Johansen in overseeing $11 billion program.
CIO of $1.4B SWF eyeing U.S. PE, MBS, fixed income
after H1 2022 market tumble.
Investors in STORE Capital will receive $32.25 per
share in cash – a premium of 20.4% to STORE Capital’s closing stock price as of
September 14.
The Asian Development Bank estimates that US$3.1
trillion of investment is required for climate-adjusted infrastructure in
Southeast Asia alone by 2030.
MetLife, Prudential paying some pension benefits after
January 2023.
Director
of Investments Joshua Fenton will succeed her in 2024.
New York-based EIP has $2.5 billion in assets under
management.
Data shows that Africa’s venture capital market is
growing, despite the downturn in other markets.
A recent study by Global SWF found that NZ Super Fund
was the top performing sovereign wealth fund globally.
This is BlackRock Real Assets’ first investment in New
Zealand and its first residential solar investment in the Asia Pacific.
Former
Carnegie Corporation of New York managing director tapped to guide investment
activities of Michael Dell’s family office.
Two teacher pension funds struck $500 million deal to
invest in logistics centers in March.
Over the past 10 years, the fund has generated returns
of roughly 12% per annum.
HESTA wants the
country’s largest corporates to commit to having diverse executive leadership
teams by 2030.
Retirement board approves $500M+ commitments.
Perry to receive the award from former SBI executive director and mentor, Howard Bicker.
School
sets a goal to invest at least 2.5% of $4.7 billion fund in climate-solution
companies or asset managers.
Former Employees’ Retirement System of Hawaii CIO nabs
role with bank’s asset management arm.
Valuations are at distressed levels, but potential
policy changes could reignite stocks.
Matthew
H. Stone, who oversaw public markets and absolute return, is stepping down
after 23 years.
System backs CoinFund Ventures among four commitments done
over the summer.
Waterline development to deliver downtown apartments,
hotel, office space by 2026.
AGL Energy, Origin, Santos and Woodside have been
placed on a watchlist.
Pension
fund invests in two of the infrastructure firm’s funds; deploys $1B in total to
eight funds in July.
Helen
Rattee will work to ensure OPE’s portfolio is constructed to mitigate risks
while capitalizing on ESG opportunities.
Sovereign wealth fund invests €10 million in Ocean 14 Capital’s fund,
joining such other LPs as European Investment Fund and Niklas Zennström.
Jonas Nyquist leaves Saudi Aramco investment subsidiary to start own
firm.Jonas Nyquist leaves Saudi Aramco investment subsidiary to start own
firm.
Former USC Managing Director Edgar Smith chosen to oversee Plans’
$4 billion in Assets.
Plans for former Peek Freans factory site plans
include 1.5k+ rentals, commercial space development.
System
is currently limited to 20% of its allocation in private equity, credit, hedge
funds and infrastructure.
Pentagreen Capital
will be led by Marat Zapparov.
Sohel
Hussain steps in on interim basis to lead $1 billion endowment.
Edgar
Smith’s future plans are not known.
Alternatives partly offset losses in equities,
delivering a positive return of 7.3%.
System, though, remains active in the asset class,
deploying $5.1B in the first half of ’22.
Susan Schmidt joins from Avia Investors.
Pension
fund gets OK to shift 20% of public equities to low-carbon index and to adopt a
net zero investment decision process.
Partnership targets MISO, PJM, Western interconnections
as well as 1 GW portfolio.
Credit
would account for nearly a quarter of the system’s portfolio under new asset
allocation plan.
Real
estate diversification, treading lightly in Europe are key themes for CIO of $4
billion city pension.
With investment firms seeking to attract
trillions from smaller investors, large allocators could have co-investment
opportunities, fee cuts reduced.
System
is now searching for a CIO to replace Elizabeth Burton, who left at the end of
June.
Brian S. O’Neil has held the role since 2002.
Kate
Carder has been promoted to replace Christopher Longee, who recently retired.
Longtime Caltech Senior Managing Director Pasy Wang tapped for role.
The pound has been steadily weakening as inflation surges, recession fears build, and industrial pay disputes worsen.
System
posts listings for two new roles; individuals would report to Deputy CIO Scott
Chan.
Peter Pereira Gray will step down at the end of September and become
emeritus partner, investments; CIO Nick Moakes will continue to lead investment
team.
Sonja Saunderson’s appointment comes soon after South
African regulators amended rules to allow retirement funds to significantly
increase their offshore allocations.
Retirement system’s new allocation expected to address
higher liquidity needs.
‘Execution management’ firm Celonis now valued at $13B
after latest round.
Pension fund puts more than $100 million into four
such firms.
David
Lee will be replaced by colleague Chris Cassidy at end of September.
Jill
Schurtz has led St. Paul Teachers’ Retirement Fund Association.
The capital injection from ADIA will be used to drive the
insurer’s growth in India.
Battery storage is expected to play a critical role in
getting Australia’s power generation mix to 82% renewables by 2030.
CIO Ben Squires tells Markets Group the move is aimed
at reducing risk as the clean energy transition gains momentum.
The Indo-Pacific Economic Framework (IPEF) was launched by President Biden on 23 May 2022. It includes Australia, Brunei, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand and Vietnam. Fiji joined the group soon after.
State’s AG says prior statue gives it the ability to
do so; would use it as an another means to implement leverage.
Akili
will use proceeds for its treatment for ADHD.
Respondents
see VC as most overvalued and are more wary of emerging markets.
Florida hopes to join forces with other states ‘to be
a counterweight to ESG.’
Mercer Super also recently announced a merger with
Westpac’s BT Super.
Lauren Gellhaus took over role in 2020; next
move not disclosed.
Property giant warns of core net profit, net profit
attributable to shareholders plunge in H1 2022.
KIC also announced the appointment of Hoseok Jung as
chief risk officer.
Thoma Bravo, which has $114 billion in assets under
management, has until September 12 to announce whether it will make a firm
offer.
MEABF selects three managers as it begins shaping its
asset allocation strategy.
SBA
currently restricted from making new PE, VC, credit, hedge fund and
infrastructure commitments.
This is the latest in a string of healthcare
investments by Ontario Teachers’.
Sovereign
wealth fund has done at least three such deals in 2022.
Adam
White previously worked at Bakkt and Coinbase.
Michael
Nguyen had been with MBOI for five years.
Canadian, U.S. and European funds have been giving the
fund advice as it aims to become a large global player.
Private
equity receives nearly half of the commitments.
Steve Willer tasked with bringing 10 funds into compliance with their
asset allocation targets.
Plan
board also commits more than $1.5 billion to fund and co-investment
opportunities.
The $900 million investment values Aman Group at $3
billion.
Spot opened up after Michael Shackelford became CIO of
Public Employees Retirement Association of New Mexico.
Ohio Public Employees Retirement System, OPERS, Paul
Greff, NEPC, Private Credit.
Fund has grown by 60% during his eight years at the
helm.
ANZ says broad policy changes are required to avoid
another economic downturn in the third quarter.
As part of the deal, Fisher Funds will enter into a
strategic partnership with Kiwibank.
Private equity firm exceeds target goal; will invest
in healthcare and technology.
Alaska Permanent Fund Corporation to increase
multifamily exposure in South Florida, Washington D.C. and Denver metros via joint
venture.
Bogdan
“Bo” Cenanovic now a managing director with PSG.v
The
act is a ‘big step forward’ and provides much-needed policy certainty for
institutional investors, allocators and scientists tell Markets Group.
Canada’s largest pension plan was active in both backing funds
and in co-investments.
The asset manager says it will only turn positive on
equities again when central banks turn more dovish.
The investment groups have formed a new vehicle called
23S Capital.
Nordic sovereign, city pensions among seven investors
in HitecVision’s energy fund.
Pension
plan is in midst of implementing recent asset allocation changes.
Healthcare
provider and insurer is largest nongovernmental employer in Pennsylvania.
Dutch pension fund doubles MaxCap exposure from 2019,
secures $1.2 billion re-up option
Blackstone, KKR, TPG, Apollo, Ares, Brookfield, EQT and Carlyle have
more than $700 billion of dry powder.
Carina
Coleman leaving Sempra Energy; fills spot vacated by retiring Liza Crisafi.
She will manage the $1B
endowment August 22 after leaving Yale New Haven
Ray
Ciranna delays retirement, but successor will pick replacement for Ray Joseph.
Move comes days after DOJ closes investigation; Robert Devine has served as
interim CIO for past 8 months.
Private
Equity, Real Estate, Secondaries, Jefferies, Wilshire Associates, Coller
Capital, Los Angeles County Employees Retirement Association, LACERA, New
Jersey Division of Investment, Washington State Investment Board
The $7.5 billion private
wealth manager added a total of $135 million AUM.
A talented pianist as a teen, she now advocates taking
risks and thinking long-term.
Kewsong
Lee leaves firm; William Conway to serve as interim CEO.
Green ammonia is a zero-carbon fuel and acts as a
storage and transport medium for green hydrogen.
The fund has sold its stakes in oil and gas groups
Woodside and Santos, among others.
Up to 1,200 new homes will be built under Australian
Retirement Trust’s partnership with QIC.
The shift to clean energy means ‘one of the biggest investment booms of all time – and the spending is not optional.’
The fund has launched a three-year strategy aimed at
digitization, upskilling, and better service levels.
Diversification will become more important, particularly
as opportunities open in emerging markets, investors say.
Empire State retirement system remains active in PE,
real estate.
Noradeen
Farlekas is now an assistant professor at Fairfield University.
Subsidiary Alera Group
Wealth Services gains $1.5B RIA
She
spent nearly seven years at the Ivy League school’s endowment.
Jonathan
Popielarski leaving role as director of private assets; Justin Maistrow becomes
deputy CIO.
Survey
says they are showing less interest in growth equity, new managers and Asia.
CRPTF commits $300M to 3-year investment with GCM
System told to increase private equity, decrease
international equity.
Plan
has allocated more than 25% of $1B program; also seeks to diversify
international equity portfolio.
Jamie
Hamrick tapped to fill spot vacated by Liza Crisafi’s retirement.
Kentucky
Public Pensions Authority is the latest, tapping Steve Willer to replace Steven
Herbert.
Picard will head the alternative investment platform for the $140B private wealth manager.
Kudu Investment Management
bought minor stake in the $3B RIA.
Investors flock to West Loop, Chicago industrial at
large.
Ontario Teachers’ real estate arm, UK’s Boreal IM
acquire industrial assets from Europa Capital.
Unlike other developed markets, Australia’s economy is not expected to slide into a full-blown recession.
Proposal would have allowed staff to allocate some
capital without board approval; board members ask for oversight.
Outflows in the first half of 2022 reached a record
$71.9 billion, with withdrawals from equity markets leading the way.
Esdec generates annual sales of close to 506 million.
Women
tend to live longer, meaning they require additional retirement savings.
Kim Kolt is co-founder and General Partner at Bay Bridge Ventures, the first purpose-built, institutional ESG and Sustainability focused venture capital firm. Bay Bridge is committed to inclusivity - starting from leadership and continuing through the underlying investments - in addition to responsible stewardship - active, high-engagement investing through multiple stages of development.
Jared Speicher set to head North American buyout
investing for MetLife.
State-backed developer, distressed debt asset manager to manage property bailout fund.
Unlike other developed markets, Australia’s economy is
not expected to slide into a full-blown recession.
Bril will serve as head of responsible
investment; joins from Arabesque Asset Management.
Ryan
Detrick joined colleague Burt White at $20B Carson Group
Potential
to reduce fees paid to PE managers and generate strong returns spurs
institutional investors to find ways to collaborate with firm managers.
Laura LaTourette (she/her/hers) takes a unique view about
how she approaches running her Georgia-based RIA, Family Wealth Management
Group. From an entrepreneurship lens, LaTourette works to differentiate her
brand within a crowded market, which can make all the difference when setting
out to create a long-lasting, thriving private wealth practice.
Bill Sappington will develop
a companywide banking and lending platform.
Baggesen replaces Andrew Junkin, who took CIO role at
Virginia Retirement System.
SERS board had postponed committing to the funds in
June over diversity concerns.
Hodel
named to fill position following departure of Elizabeth Burton; search ongoing.Hodel
named to fill position following departure of Elizabeth Burton; search ongoing.
$20
billion fund is expected to focus on private equity, real estate, and private credit,
according to job listing.
Alaska Permanent Fund Corp. CIO discusses challenges of managing $79.5 billion AUM SWF.
Cando Rails operates the Central Manitoba Railway in
Winnipeg and owns switching operations in Wisconsin, Michigan and Arkansas.
System
benefitted from being under-allocated to stocks.
Marenda likens industry to what hedge fund industry
was like in its infancy; calls blockchain technology potentially revolutionary.
Disaster relief, medical research, domestic violence
and climate change are among the causes that Australians are most interested in
supporting, says Elston’s head of philanthropy.
Orida will replace Neil Cunningham, who is set to
retire.
CFA Stephen Kolano will lead
startup Integrated Family Office
School
– a big backer of venture capital – sees year-to-date gains through May.
With exception of private equity, system is in sync
with new asset allocation policy.
Strong
returns from private markets cannot offset equity and fixed income losses.
Allianz
funds sustainability-linked debt refinance for largest mall in Germany.
Despite its modest origin, CAIA has expanded into a globally recognized designation, and alternatives are hardly alternative.
The superannuation fund for employees in hospitality,
tourism, recreation and sport attributes its outperformance to active
management.
Meier is the one-time interim CIO of the State of
Connecticut; fills spot vacant since end of ’21.
Shackelford comes from North Dakota State
Department of Trust Lands.
RCA left Fifth Third to manager its $550 million under Stratos Wealth
System
looks to double investing in sector in ’22, driven in part by success in
backing natural gas entities.
TRS has lost 21 people over past two years to outside
firms.
While a U.S. recession would probably be shallow,
returns across asset classes are likely to be muted moving forward.
PIF to become second-largest shareholder in Aston
Martin.
System
commits to two firms already in its portfolio.
Kristen Oliveri, Head of Private Wealth Content at
Markets Group, sits down with Carina Diamond, the chief experience officer of
Dakota Wealth Management, to discuss how Diamond has cultivated a unique firm
culture within her RIA, helping both clients and employees flourish in a time
of great change.
Pension plan also discloses that it took part in a
co-investment with a PE manager.
Rising inflation. Rising interest
rate. Plus, a looming recession. The stock and bond market are down but—regardless—the
60/40 portfolio will remain.
Capital Four US CEO and Portfolio Manager Jim Wiant discusses opportunities across credit markets and credit strategies given recent changes in market conditions.
Its deal for Dyson Capital Advisors, a $3.5 billion Virginia company, will close August 1.
Digital innovation, cryptocurrency valuations and the future of the digital asset ecosystem are all hot-button issues as digital asset managers navigate a market full of innovations – and pitfalls.
Minerals needed in the clean energy transition include
lithium, cobalt, copper, and nickel.
Plan’s board approves Bernhard Capital Partners, Hark
Capital and TPG funds.
Consumer-focused PE firm sees private credit as ‘natural
extension,’ mum on fundraising plans.
JPMAM’s Michael Cemblest, and BCA Research’s Matt Gertken discuss strategizing for geopolitical risk.
StepStone
Group expects industry to also have poor results over at least the next two
quarters.
wefox
sees valuation increase in newest round, on pace to do $600 million in 2022.
It has backed diversified macro trend-following
managers that target macro trends in energy and agricultural commodities, bond
futures, currencies and other assets.
Unlisted assets now comprise 52% of Temasek’s portfolio – a substantial increase from 27% a decade ago.
ERS/EOS
looks to fill two positions to support strong work of consultants and board.
Scheider to take over for David
Layton, who also is Partners’ CEO.
Paul Ciancarelli of David
Barrett Partners talks about searching and placement within the private wealth
industry.
Manav Bansal will head BII’s operations in India – the
institution’s biggest investment market.
Canadian pension system increases Euro infrastructure
exposure with contractor acquisition.
No
stranger to dealing with financial crises, he is preparing the state pension
fund for opportunities.
Musicco says move enables pension plan to
‘capitalize on market opportunities.’
The
88-year-old was killed in the parade mass shooting in Highland, Park, Ill.
The fund’s members have endured their first annual
negative return since the global financial crisis.
Simpson Thacher & Bartlett veteran has worked with
investment firm on transactions for several years.
Move
comes months after death of CIO who oversaw PFRS and Detroit General Retirement
System.
Experts agree the magnitude of the incoming slowdown
in the multifamily sector will depend on the actions taken by the Fed in the
second half of 2022.
Berkshire Hathaway’s CalEnergy Resources has also
agreed to codevelop additional renewable energy facilities in the country.
Pension plan sees private
equity co-investing as key component but needs the right people to execute.
Battery manufacturer secures commitments from 14
investors, including pensions, insurance companies.
‘Ambitious’ plan involved changing private
equity, private credit, real assets and fixed income mix.
System’s CIO believes most of its peers will
also have negative results.
Eric Sterner will be CIO of the $2.5 billion RIA.
The investment manager sees opportunities in quality
bank paper, municipal bonds and agency mortgage-backed securities.
However, ANZ
expects China’s GDP growth to slow towards mean global growth rates of 2% to 3%.
Dutch, Canadian pension funds back second round of
fundraising for $2B industrial partnership.
He joined 2-year-old institutional specialist Investment Office Resources.
APFC
has invested in a series of funds raised by firm her father co-chairs, the
Carlyle Group.
Longee
oversaw endowment’s real estate, energy and natural resource portfolio for 18
years.
Clarios
will try to push through tough public market.
Target Newport Private Wealth Management has $4.3B under management.
She resigned her position as deputy executive director July 1.
Interim
CIO says pension plan will seek to have Florida legislature lift cap.
VRS earmarks $875 million towards credit fund, real assets
Audit
finds SWIB managed less assets in-house in 2021 than in 2017.
Private markets giant invests in digital private
market exchange, adds head of digital assets.
State
Investment Council votes unanimously on fund commitments, drops Franklin
Resources
Moseley
joins Wafra Inc. to launch co-investment initiative.
Not-for-profit
OCIO has nearly $8 billion in assets under management.
Earlier this year, the Public Investment Corporation
signed a new unlisted assets mandate with its biggest client.
The executive director of Fonds de Réserve pour les Retraites discusses macroeconomics, megatrends, and ESG
Some investors, including Temasek and PIMCO, are
seeing value in U.S. Treasuries.
Search
begins for new leader for PE-focused LP group; Choi to serve as interim head.
Martin Ruiz used client money to purchase a $245,000 home, pay $3 million he owed on credit.
Manilla to be replaced by Deputy CIO Barker.
System hopes to enable participants to choose from DB
offerings, including private equity and real estate.
Plans see, project big savings from bringing investment functions in-house.
The price of bitcoin has fallen by around two-thirds
since November 12.
Hollenbeck’s
duties will be assumed by Steven A. Soloria.
Cooperation agreement aims to spur investment networks in Africa, includes 12 SWFs.
The strategy launches with US$1.25B in assets, with a
$500M anchor commitment from Hostplus.
Above
target, plan makes no new commitments in May, but does back private credit and
real assets funds.
Ritholtz Wealth Management sub-advised a ‘minority’ investment in compliance management system.
The 73 members of the Net-Zero Asset Owner Alliance
have $10.6 trillion in assets under management among them.
Consolidation is already sweeping through the
industry, with at least nine mergers either in progress or under serious
consideration.
Firm
taps more than 100 institutional investors to blow past hard cap.
Bills
would have forced pension funds to sell off some $13B of assets.
Person tapped would replace
Andrew Junkin and take over plan that is set with PE in 2022.
ASIC has published a set of guidelines for
superannuation funds.
GIC, APG peg The Student Hotel value at $2.1B
Future Fund says it is using Sue Brake’s departure as an
opportunity to restructure its investment team.
Family Office Advisor Paul Simon discusses personally investing in pharmaceutical psychedelics to combat mental health issues.
New York-based alternative asset manager Weiss
Multi-Strategy Advisers thinks concerns about regulatory risks are overblown.
Budde had been with firm since 2005; also worked at
ABRY Partners.
Long-term
policy allocations could increase 10-year returns from 5.9% to 6.3%.
Sonali Dalal is leaving PSU
for the University of St. Thomas.
System also commits over $5 billion of capital to
managers.
He spent 14 years at the endowment after leading
private markets at Teacher Retirement System of Texas.
Power Sustainable two-thirds of the way toward closing the North
American-focused fund.
Mayor of Palm Springs, Calif., appointee to the CalPERS Board of Administration and the first transgender person elected to political office in California, on what companies can do to protect LGBT employees.
Increase is reportedly the largest single rate hike in
a single meeting since 1994.
Growth and late-stage VC expected to take worse
hit – an event that may slow fundraising rush.
The $60B Marnier made Corbenic its fourth acquisition of 2022.
Acquisition is the latest in a string of deals along
the hot SoCal coastal market.
Market could be worth $1T by 2050, according to some
projections.
State
begins nationwide search for a replacement; Conroy named interim CIO.
Merger would create fund with $49B under management.
Staffan Hansén will join the fund on or before December 1.
CalPERS’
Musicco & UTIMCO’s Hall start new roles in downturn.
Kirk Sims joined the $180 billion Teacher Retirement System of Texas (Texas TRS) in 2019 to direct its emerging manager program, and has coached a 5-year annualized return of 11.1%. Here's how he does it.
She will take over building
an investment business for the $900 million University of St. Thomas.
Jim Mocci exited $200
billion Fishers Investments for rising RIA EP Wealth Advisors.
Survey
finds majority expect allocations to increase by between 5% and 10%.
SERS had been set to commit $125 million to Sentinel
Capital Partners.
Veteran CIO describes balance needed to work at a
public pension plan.
Sovereign
wealth fund moves quickly to replace former head Petter Johnsen.
Pension
plan sells Calgary producer to PE Firm.
Other
institutions using different approaches or holding off, given drop in bonds.
Canadian pension plan
sees asset under management grow significantly.
Charles
Nielsen takes charge of the $34.8 billion fund after Robert Clark’s departure.
Dustin Johnson, the former world No. 1, and South
Africa's Louis Oosthuizen are among those who have quit the PGA tour in favor
of the fund’s breakaway series.
Pension fund also approves
commitments to three other funds.
University weighing to invest in 18 managers
discovered during process.
Limited partner concerns reported by Coller
Capital include reputation and new sources of capital.
With an initial war chest of $3.6B, Temasek’s new
GenZero subsidiary aims to accelerate decarbonization.
Canadian pension fund invests in ports, industrial
real estate in UAE.
Star of the South is Cbus’ first direct investment in
offshore wind in Australia.
The RIA and private bank
landed people from B of A, BB&T, Fifth Third and M&T Bank.
System
backs Sentinel Capital Partners despite board concerns.
Vinzons
joins from Cook County Pension Fund.
New plan would streamline process and enable
more capital to be deployed.
Pension
fund sees benefits of investing in Sequoia Capital’s new funds outweigh risks.
After a drop in 2021, capital raised but not committed
increases.
Investors
adjust outlook for Asia property sector despite declining mortgage rates
Cadillac Fairview, Boreal team to assemble €3 billion
logistics portfolio.
However, the world’s largest asset manager still favors
developed market equities and inflation-linked bonds on a long time horizon.
Amber McLeod has exited
Crypto asset to RIA business Onramp Invest.
The Public Investment Corporation says its operations
head has been suspended pending the outcome of an independent inquiry.
The fund has already made sizable investments in telecommunications,
renewable energy and other sectors.
New
York-headquartered Kudu has raised $800 million after opening in 2018
He oversaw Rice University’s Endowment for many years.
Canadian pension plan combines two units to back
companies poised for ‘transformational growth.’
Acrisure will use the capital to continue acquisition
momentum.
Alts manager Blackstone appoints Mark Glengarry as Head of
Asia-Pacific Origination at its credit unit, BXC.
PERS Sees Value of Stocks Decline by Nearly $3 Billion
Between March and April.
Private equity firm will use $25 billion fund
to invest in an array of sectors and geographies.
The IMF does not expect a global recession to materialize, although the risks are increasing.
The $35 billion investment advisor also named Kelly Margeni president.
Kristen Oliveri, Head of Private Wealth Content with
Markets Group, sits down with Tommy Mayes, Managing Director, Executive
Advisor, SunGate Capital, a single-family private equity and investment office,
to discuss everything from the direct deal landscape to family governance and
family office regulation.
AUM grew 12% in 2021, the sovereign wealth fund says.
Janus Henderson: BHP is set to be the world’s
largest dividend payer for the second year in a row.
Asset holdings have been boosted by investment gains and above-average client contributions.
Combination creates $27B multi-family office.
Venture firm sees Web3 entering
‘golden era.’
Canadian pension fund poised
to invest in healthcare, vegetable deals.
Climate change could cost the global economy $178 trillion over the next 50 years if left unchecked.
Tennessee retirement system deploys $250M to
Blackstone, EQT Exeter RE funds, agrees to exit Denver multi-family.
State
investment commission also approves new fund commitments as CIO prepares to
leave.
The
$35 billion multi-family office bought Advisor Partners for an undisclosed
amount.
Deal
may pave the way for other PE firms to buy teams.
Junkin
will leave Rhode Island and replace Schmitz.
Chicago
native Gino DeRango will develop and lead client acquisition.
Pension fund
urged to expand peer group and tie compensation to performance.
While the strengthening of the dollar has translated to
positive returns for some investors, the longevity of the currency’s rally is uncertain.
The Connecticut startup awarded CFA Cameron Dawson its inaugural C-suite position.
Given the unavoidable impact real estate has on our lives in order to satisfy need for space for various human endeavors, we are all in real estate--but few understand what it takes.
UniSuper is looking to broaden its reach, while ACS says its members will benefit from greater scale if the merger goes ahead.
Apollo will own a minority stake in life science VC firm.
It’s the third mandate since 2015.
Private equity fund of funds is the first for MIM.
A quarter of the division’s positions are open, but aggressive hiring push is on.
Elizabeth Burton’s future plans are not known.
He has been serving as
TPG Founding Partner Jim Coulter is pleased with fundraising and deal success.
As
the denominator effect hits more institutions than usual, it may crimp investors
and make it more difficult for GPs to raise funds.
Its
first investment is all about monitoring carbon.
Fund will make direct investments across PE, private credit, infrastructure and real estate.
Survey shows ESG and diversity and inclusion on the
investment team given less importance.
The pension fund is seeking to
select a firm by early June.
Iryna
Northrip and Dimple Shah tapped to lead $475B Advisor Group.
Doñé to oversee Platinum's strategic planning and investor capital development.
The $30 billion Los Angeles Fire and Police Pensions is looking for his replacement.
After a brief garden leave, Ash Williams, former CIO of the Florida SBA, is back in the industry. Why he chose JPMAM, and what he’s watching.
State's Russian investments at 'write-off' point.
Pension fund will look to find new managers.
CEO Marc Rowan
explained the new business model during Milken Institute Global Conference.
Board Approves List of Qualified Candidates
Acrew's Gouw makes notable donation.
Suzanne van Staveren will take over as CFO for the $290 billion independent investment
advisor and financial planner.
Blackstone
buying spree continues after PS Business Parks acquisition.
Pension fund eyes sale of fund-of-funds stakes.
Plan could allocate more than $300M to asset class in 2022.
New target will help plan move toward endowment model.
Charles H. Hood Foundation at the forefront of pediatric
research innovation with help of great-grandson.
Rip Reeves is planning to become a teacher with LSU; a
search for his predecessor is ongoing.
Pension is also searching for new personnel in sustainable investment and stewardship, direct private equity, private equity, risk mitigation and real estate.
Decarbonization Partners joins startup's $125M round.
Battery Ventures, New Mountain, Threshold and ArchiMed are among those backed.
CalSTRS, Florida SBA and Orlando Police pension fund among other pension funds with stakes in social network.
Prior CIO held the post for 10 years.
Plan would move slightly away from some international equities.
Fund seeks to deploy 3% of assets into each sector.
KKR, AEW pen Singapore office sale in Tanjong Pagar.
Alternatives giant finds success in raising capital from array of investors.
Oil fund sees negative returns across equity, fixed-income holdings.
Unit gets a new name and target.
VC and real estate targeted for hikes.
Dinneen was previously CIO at Hamilton College, where she oversaw $1.5B endowment.
Hire could mark a strategy change for university.
Change marks the second increase to sector in two years.
Pension fund's longstanding policy is paying off.
The position will be responsible for all aspects of the governance program for the investment division and the system.
System names Florida SBA Deputy CIO Alison Romano to CIO and CEO positions.
Makes move despite past criticisms of fees paid to managers.
Funding round should hold Tarana until offering.
PERF has allocated 27% of its fund to private equity and 25.2% to public equities.
Penson's hedge fund allocation moves to 3% from 6% to save on asset management fees.
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