Wednesday, 1 April 2015
Last updated 1 hour ago
Mar 16 2007 | 12:59pm ET
The $32.1 billion Pennsylvania State Employees Retirement System’s board has approved investments in four alternative investment funds. The system will commit up to $40 million to Insight Venture Partners VI, up to $40 million to OCM Opportunities VII; up to $40 million to OCM Opportunities VIIb, and up to $60 million in a follow-on investment in the Avenue Special Situations Fund V.
In addition, the system will also invest up to $25 million in the AG Asia Realty Fund and an unspecified amount in an inflation-protected mandate with Blackstone Alternative Asset Management. The investments will be funded from cash as part of SERS’ long-term investment plan.
SERS last year earned 16.4% on its overall investments, thanks in part to private equity, which netted it a 23.2% return. Also contributing to the system’s overall strong performance was its portable alpha strategy, according to CIO Peter Gilbert. As applied in the large-cap domestic stock segment of the portfolio, in 2006 portable alpha boosted returns by 5.4% points above the Standard & Poor’s 500 Index, which returned 15.7%.
“In the five years since its inception, our portable alpha/fund of hedge funds strategy has now added more than $1 billion in above-market returns, without materially increasing risk,” Gilbert said.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…