The $100.7 billion Algemeen Burgerlijk Pensioenfonds, Herleen, The Netherlands, made a private placement investment of $100 million in the Simon Property Group, a public real estate investment trust. ABP will receive 4 million convertible preferred shares; they represent about 6.5% of all voting shares in the REIT. The proceeds will be used by Simon to pay down an existing credit facility. The $90 million City of Brockton (Mass.) Contributory Retirement System might conduct a search for a large-cap equity manager in 1996, pending the results of an asset-liability and asset allocation study by its consultant, the Hannah Group. The asset studies should be completed by Jan. 1. RFPs already went out for a midcap equity manager during the summer and some candidates were reviewed before the search was called off, according to Richard Zaccaro, the fund's consultant at Hannah Group. ``After further analysis it was deemed there was really underexposure to large cap, not midcap,'' he said. The $143 million Charlotte (N.C.) Firefighters' Retirement System reduced its allocation to real estate by 2 percentage points - to 3%. Small-cap domestic equity will, in turn increase 1.5 percentage points, to 3.75%; small-cap international equity will increase 0.5 percentage points to 2.5%, said fund administrator Robb Hubbs. The fund will be receiving a distribution from real estate manager NationsBank, and will reallocate the distribution to the other classes. No manager changes will be made as a result of the redistribution. Defined contribution plan sponsors are increasing their use of synthetic stable value products and giving their GIC and other stable-value managers more discretion, according to a new survey by Eager & Associates. Eager forecasts the use of synthetic GICs will grow from 40% of defined contribution plans in 1995 to 58% of plans in 1998. The survey also shows the number of plans giving full discretion rose from 23% in 1992 to 60% in 1995. U.S. hedge fund advisers tracked by Van Hedge Fund Advisors continued to struggle to outperform the booming broad market. They posted an average net return of 8.1% in the third quarter, compared with the S&P 500's gain of 7.9%. Year-to-date through Sept. 30, U.S.-hedge fund managers returned 19.5%; the S&P 500 returned 29.7%. The Colorado Public Employees' Retirement Association, Denver, is still quite a ways from its equity allocation target but hopes to reach the target within two years. The fund's target is 45% in domestic equities and 20% in foreign equities, on an at-cost basis (the cost at which the securities were acquired). The fund now has 54% in both categories combined, on an at-cost basis. Last year, at this time, the figure was 50%. ``We're not pushing it. We're funding it through cash flow,'' said Don Schaefer, public information officer. The fund also is decreasing fixed income to a goal of 15%. It now has 21.5%. Last year at this time it had 28.5%.