Saturday, 28 March 2015
Last updated 12 hours ago
Sep 7 2010 | 8:25am ET
The Michigan State Retirement Systems is tripling its hedge fund allocation—at the expense of its private equity investments.
The $45 billion public pension fund has boosted its hedge fund allocation from 2% to 6%, Pensions & Investments reports. The hedge fund increase, as well as that of real return and opportunistic funds from 1% to 4%, will be funded by a sizeable cut in its private equity allocation from 20% to 14%. The reduction in p.e. investments will be undertaken gradually.
The increased hedge fund allocation will begin to take effect in October, the beginning of the Michigan Systems’ fiscal year. But the pension already invested an additional $203 million with Aetos Capital in June; Aetos runs a customized fund of hedge funds portfolio for the systems.
“Private equity has done well for the funds, but with increasing liquidity needs over the next several years, the change will reduce illiquid asset holdings,” Terry Stanton, a spokesman for the Michigan Department of Treasury, told P&I.
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…