New York State Common Retirement Fund related stories
All articles and analysis
NY Common forges ahead with private equityThe $122bn pension committed $125m to DFJ Gotham Ventures II and the PCGI/NYSCRF Emerging Europe Fund. The pension also announced it was searching for a new manager for its emerging mangers fund that was formerly run by embattled Aldus Equity.
- New Mexico SIC suspends alternative investing
New Mexico’s governor Bill Richardson ordered the state’s $11.8bn oil and gas endowment to suspend investing in private equity and real estate while the endowment reviews investment recommendations made by Aldus Equity. Recommended commitments to Landmark Equity, Newstone Capital, Veronis Suhler Stevenson and Ares Management will have to go through a 'vetting' process again.
- New York comptroller sues embattled Aldus for fraud
Thomas DiNapoli, New York's comptroller in charge of the $122bn New York State Common Retirement Fund, seeks reimbursement of more than $5m in fees paid and other damages from Aldus. The Dallas-based firm is accused of taking part in a kick-back scandal involving the New York Common.
- StepStone president resigns amid kick-back scandal reports
Steve Moseley, who joined private equity advisor StepStone in 2008, said he is not a target of the ongoing pay-to-play investigation, but cited as a ‘distraction’ media reports about a co-investment platform created for New York’s state pension while Moseley was at a separate advisory firm.
- CalPERS drafts disclosure policy for placement agents
The largest pension in the US has charged its staff with creating a disclosure policy for placement agents and their fees after it was revealed that CalPERS has ties to a kick-back scandal involving the New York State Common Retirement Fund.
- Oregon drafts principles for more LP power
The Oregon Investment Council is asking GPs to reduce management fees, avoid charging transaction, monitoring and other deal fees, as well as to take carry only after 100% of all capital is returned to investors. It also wants LPs to have greater power to dissolve funds, remove the GP and suspend or terminate commitment periods.
- Appease LPs
Quadrangle has chosen to pay for any and all costs that arise from investigations related to the New York State Common Retirement Fund kick-back scandal, in which the firm has some involvement, writes Christopher Witkowsky.
- Wetherly Capital ties LACERS to Morris scandal
The placement agent, co-founded by AVP executives Vicky Schiff and Peter Borges, paid ‘consulting’ fees to the firm run by Henry Morris. Morris is now under investigation as part of the growing kick-back scandal involving the New York State Common Retirement Fund.
- New York State Common bans all placement agents
The state’s comptroller, Thomas DiNapoli, has banned the use of placement agents in investments with the $122bn pension, and has launched a review of pension investments with firms involved in the New York Common kick-back scandal.
- LA firm ties LACERS to Morris scandal
Los Angeles placement agent Wetherly Capital paid ‘consulting’ fees to the firm run by Henry Morris, now under investigation as part of a growing kick-back scandal involving the New York State Common Retirement Fund. A director with Wetherly, Vicky Schiff, in 2005 sat on LACERS’ board of commissioners while the pension was considering investing in a Wetherly client.