Matt Levin
The California pension saw its alternative investment program return 5.3 percent, while public equities languished. Real estate investments returned 1.6 percent for the pension.
The private equity firm has hired Merrill chief operating officer Laurence Tosi to replace long-time partner Michael Puglisi, who will stay on as a senior managing director.
The $39bn fund, which manages income from the state’s oil and mineral resources, has also cut its domestic equity and fixed-income exposure.
The $39.2 billion fund, which manages income from the state’s oil and mineral resources, has also cut its domestic equity and fix-income exposure.
The $41.7bn retirement system expands its emerging managers program to include private equity and real estate firms, allocating 10 percent to the asset classes.
A Goldman Sachs-led consortium lost out to Citi Infrastructure Investors and Spanish infrastructure operator Abertis Infraestructuras in what is potentially the largest toll road privatisation in US history.
Founder Stephen Schwarzman today told shareholders the market is seeing “one of the worst financial crises since the Great Depression”, but he says the “very best” investments awaited the firm.
US investment bank Greenhill & Co. has hired Christopher Kirsten and six other Lehman agents to launch a fund placement division.
The California pension has also reported commitments to Advent, Audax and Huntsman Gay.
The multi-strategy assets manager has tapped Deutsche Bank veteran Robert Goodman to head its growing alternative asset unit.