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New York Common sets aside $200m for ‘toxic assets’The $126bn pension has created a new allocation to house its investments in the US Public Private Investment Programme.
- Five firms raise $3bn to buy toxic assets
Invesco, TCW and Blackrock are among the firms that have held initial closings on funds that will buy distressed assets from banks and help reinvigorate the US credit markets.
- CIC plans $2bn US mortgage securities splurge
The Chinese Sovereign Wealth fund has reportedly shortlisted nine fund managers taking part in the US Public-Private Investment Plan.
- US Treasury selects Oaktree, Angelo Gordon for PPIP bank bailout
The US government has selected nine private investment firms, including Oaktree, Invesco and Angelo Gordon, to help take real estate loan-backed securities off banks’ balance sheets.
- Alaska revamps real estate asset allocation
The $29bn oil and gas endowment plans to allocate 18% to a new real assets category, including real estate, infrastructure and Treasury inflation-protected securities. The target allocation to real estate is expected to increase 2%.
- Martin Currie sets up private equity platform
The Edinburgh-based fund manager has launched a listed private equity investment trust and formed a new advisory panel to advise on private equity investments.
- Biotech Deal Scene Heating Up
On the heels of the Affordable Care Act's approval, a frenzy of transactions has unfolded on public and private markets alike.
- Deutsche Bank Considers Sale of Asset Management Unit
Deutsche Bank said Tuesday that it is conducting a review of its global asset management business. This, of course, means that DB is considering selling its asset management business. A DB spokeswoman says all options are being considered for the business, including a sale or retaining some of the businesses. The review excludes DWS' franchise in Germany, Europe and Asia. But DWS Americas is part of the review, the DB spokeswoman says. What else is included --and could be up for grabs --are RREEF Alternatives, DB Advisors and Deutsche Insurance Asset Management.
- peHUB First Read
Delays: Google's having problems http://www.nypost.com/p/news/business/downbeat_google_KNMu4oimVFbuXVDjRpDVVK getting its digital music service off the group in time for the holidays. Deal of The Day: Groupon may be the subject of Google takeover rumors but the firm is still hiring https://admin.venturecapitaljournal.com/wp-admin/post.php?action=edit&post=89110 Unbelievable: Patent office has agreed to grant http://techcrunch.com/2010/11/23/patent-office-agrees-to-facebooks-face-trademark/ the "Face" trademark to Facebook. And, a study finds that Facebook makes people more socia http://www.reuters.com/article/idUSTRE6AM5VG20101123 l. Verdict: SAP must pay Oracle $1.3 billion http://www.reuters.com/article/idUSTRE6AL4IN20101124 for software theft. Prevention: Study finds that taking an existing antiretroviral drug can ward off http://www.washingtonpost.com/wp-dyn/content/article/2010/11/23/AR2010112307420.html HIV infection. Who's Next: Insider trading probe expands to big investments firms http://www.chicagotribune.com/business/ct-biz-1124-subpoenas-20101123,0,6705291.story including Janus and Wellington Management. Also, the real lessons small investors should learn http://www.huffingtonpost.com/henry-blodget/heres-the-real-lesson-sma_b_787475.html?ref=tw from the scandal but won't.
- Who Was Invited to Sheila Bair's Roundtable? Not Many GPs
Today the FDIC announced /67038/fdic-adopts-final-bank-buyout-guidelines/ what we've known since last week /66527/fdic-to-review-private-equity-rules-on-monday/ - it held a little meeting with a motley crew of people who care about private equity investments in banks. Strangely, that group only included three private equity pros out of 20 attendees. The rest represented pension funds, private investors, investment managers, advisors, hedge fund managers and "others," all gathered to conduct the much-clamored about six-month review. The GPs include David Coulter of Warburg Pincus, Charles Davis of Stone Point Capital and Randal Quarles of Carlyle Group. The lack of GPs, or perhaps the lack of sympathy to their concerns, likely contributed to the failure to get any of the FDIC's stringent rules relaxed, at least so far. There could be a further announcement as to any policy changes, but the FDIC's press release today doesn't leave much room for optimism.