Saturday, 25 October 2014
Last updated 16 hours ago
Mar 27 2014 | 11:20am ET
A group of public pension funds, led by California’s Orange County Employees Retirement System, are joining forces to lower the cost of their private-equity investments.
OCERS, which manages $11.5 billion, this week hired Pantheon Ventures to run the p.e. pool, which will be open to smaller retirement plans. The pension hopes that, as a group, the plans will have the weight to win fee reductions from private equity managers.
“We’ve demonstrated the effectiveness of collective purchasing and economies of scale,” OCERS chief investment officer Girard Millar told Bloomberg News. The program could save OCERS, which will invest $50 million to $100 million in each of three years, about $5 million in fees alone.
Others plans looking to join the group include those of neighboring San Bernardino County and the state of Wyoming. Those systems that commit before September will be eligible for a discount.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.