Monday, 4 May 2015
Last updated 2 days ago
Jul 25 2008 | 5:12am ET
The $3 billion San Jose (Calif.) Police & Fire Department Retirement Plan is taking the plunge into alternatives and will begin searching for hedge fund and private equity managers within the next few months. The plan’s investment committee met earlier this month to hash out its allocation to hedge funds and private equity funds.
According to Ron Kumar, financial analyst, the plan, which has a 5% allocation to absolute return strategies, will invest in core (multi-strategy and fund of funds) and satellite (direct investment) managers. The plan is also utilizing core and satellite positions in its p.e. portfolio, allocating $30 million each both mezzanine and distressed p.e. funds.
“Alternatives is a good way to mitigate volatility,” said Kumar. “Just look at what’s been happening in the last six months.”
The plan’s consultant, NEPC, will be submitting potential managers to the plan’s board in the next few months.
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…