Wednesday, 1 October 2014
Last updated 33 min ago
Jul 23 2007 | 4:16pm ET
The California Public Employees’ Retirement System posted its biggest return in a decade in the 12 months ended June 30, helped in part by its successful private equity investments.
CalPERS, the nation’s largest public pension fund, earned a 19.1% return on investment over the past year, more than double its expected rate of return. It now manages some $247.7 billion.
The pension’s Alternative Investment Management program—its private equity and venture capital arm—returned 23.3% in the 12 month ended May 31, trouncing its 15.6% benchmark. According to CalPERS, it now invests 6.2% of its assets in private equity.
Hedge funds, while also topping their benchmark, were not quite as impressive. CalPERS’ absolute return strategies rose 16.9%, a return dwarfed not only by p.e., but also its global equity portfolio (23.7% return), real estate (20.2%) and corporate governance funds (24%).
“Almost all of our asset classes returned over 20%, and we beat our benchmarks on all our major asset classes,” Russell Read, chief investment officer, said. “Our strategic asset allocation made us well-positioned to take advantage of strong capital markets performance, domestically and international.”
This is the fourth straight double-digit year for CalPERS, bring its 10-year average to 9.1%.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...