Graham Winfrey

Despite market conditions causing 2011 to be a “roller coaster ride”, the Canadian institutional fund manager’s real estate portfolio generated positive returns last year.

The $51 billion Pennsylvania Public School Employees' Retirement System has launched a new private markets and real estate programme to make co-investments and secondary fund purchases from existing managers.

The latest group to spin out of HSBC will focus on private equity, mezzanine and real estate investments in the US and Latin America.

The $155 billion pension system plans to commit up to $6 billion to alternatives over the next three years, including up to $1 billion to real estate. Townsend is helping Florida to determine where to make its investments.

Bruce Feldman will leave his post as director of alternatives at the $25.5bn pension on 17 June.

The US private equity firm will make its fourth Indian investment in the past 12 months in NDR Group, one of the largest warehouse providers in India.

A reworking of the country’s domestic tax system could lead to a 30 percent tax on carried interest. Shefali Goradia, partner at Indian tax advisory firm BMR Advisors speak about the risks facing foreign investors, local managers and Mauritius-domiciled funds.

The $25.5bn US pension has invested in BPG's latest value-added vehicle, targeting $250m. The Pennsylvania pension saw its real estate portfolio return 2.3% in 2010, and 4.5% in the fourth quarter.

The firm is participating in a $3.3bn public offering for a 10% stake in the Russian state-owned bank, which manages a Russian real estate fund among its businesses.

Jefferies managing directors Magnus Christensson and Mark Hallock will launch an independent placement firm, possibly under the name Helix, the name of the placement group Jefferies acquired in 2005.