Réal Desrochers has ended his 11-year reign as the director of alternative investments at the US' second largest public pension, leaving veteran portfolio managers Margot Wirth and Seth Hall as interim co-directors. Desrochers did not disclose future professional plans in a farewell email sent to friends and colleagues.
The $28bn national oil fund has cancelled commitments to funds including Alinda and Pathway Capital as it tries to re-focus on ‘core’ asset classes amid continuing losses.
The Washington State Investment Board has made $250m in fresh commitments. It has also appointed its chief operator, Theresa Whitmarsh, as acting executive director while the pension looks to replace Joseph Dear, who will become CIO at CalPERS.
Cerberus, HgCapital, Apollo and Gold Hill are among the GPs to see agreed commitments evaporate as the Pennsylvania Public School Employees' Retirement System retrenches.
The $45.4bn Pennsylvania Public School Employees Retirement System has joined New Jersey in withdrawing planned commitments to funds, including Beacon, Carlyle, Stockbridge and Mesa West.
The firm is revising its investment strategy for the fund as well as allowing investors to slash their commitments. Before any reductions the fund stands at €3bn.
The Canadian Pension Plan fell in value by C$13.8 billion to C$108.9 billion in 2008 as investment returns shrank. However according to the plan’s latest figures, its inflation-linked assets continued to grow in value.
The mid-market European fund of funds will invest the vehicle in Central and Eastern Europe, special situations and growth capital funds.
The pioneering microinsurance fund has garnered $50m from the likes of the European Investment Bank and Dutch development finance company FMO. The fund will invest in developing countries in Africa and Asia.
Secondaries specialist Coller Capital was the largest investor in the listed fund of funds’ recent rights issue, having picked up 50 million shares. The investment was made from Coller's fifth fund, which is around 55% deployed; the firm is expected to raise up to $6bn for Fund VI later this year.