Ken MacFadyen

The New York City Retirement Systems finds itself again dealing with turnover among its top brass, signalling that something may be amiss at the $95 billion pension.

The Pennsylvania Public School Employees’ Retirement System (PSERS) publicised its 2005 investment performance, which was buttressed by strong growth in its alternatives portfolio.

Lightyear Capital, Lehman Brothers Merchant Banking and hedge fund West End Capital are the latest to make a play in the reinsurance space, launching Flagstone Reinsurance Holdings with $715 million.

Allied Capital has made a $28.5 million capital infusion in DVS Intelestream, a services and software provider to television and movie studios.

Los Angeles-based Leonard Green & Partners has agreed to buy The Sports Authority, offering $1.3bn to take the sporting goods retailer private.

Littlejohn & Co. has inked a deal to buy fuel transport company Kenan Advantage Group.

Crestview Partners, the new firm launched by Goldman Sachs veterans Barry Volpert and Thomas Murphy, has yet to formally announce a final close for its debut fund, but in statement announcing its first deal, the firm said it had amassed $1.4bn in commitments.

Greenwich, Connecticut-based Littlejohn & Co. has brought on two distressed vets to spearhead the group’s new focus on the asset class. The firm is just the latest of a growing number of firms to build distressed capabilities.