Public School Teachers' Pension & Retirement Fund of Chicago will commit $30 million each to the Olympus Fund II managed by Olympus Real Estate Corp. and the Blackstone Real Estate Partners II Fund run by The Blackstone Group. Funding probably will come from rebalancing of U.S. equity investments, said Mike Nehf, deputy executive director. Mercer assisted.
The $8.2 billion fund also will be sending RFIs to local commission recapt ure firms in a move to expand the current commission recapture program. The board will consider the addition of two more firms. The fund now uses Merrill Lynch Citation.
San Francisco City & County Employees' Retirement System comm itted $85 million to four alternative investment funds. The $9 billion system moved $20 million to BC European Capital Fund V; $20 million to Doughty Hanson & Co. III; $15 million to Yorktown Energy Partners III; $30 million to Bla ckstone Capital Partners III. The San Francisco fund has committed a total of 5.5% of assets to alternative investments.
It has a target allocation of 9%. The consulting firm Cambridge Associates assisted.
Washington State Investme nt Board, Olympia, committed $16 million to Varde Select Fund offered by Varde Partners Inc. and $49 million to the Nordic Capital Fund III offered by Nordic Capital. Both are international private equity funds. The funding will co me from cash. Brinson Partners assisted.
Falmouth Town (Mass.) Retirement System trustees hired Cutler as a U.S. equity manager, and will pick a U.S. fixed-income manager at tomorrow's board meeting, said Margaret Corellis, admini strator. Trustees originally had planned to hire a balanced portfolio manager to replace Bear Stearns, the $43 million system's only manager, which has the fund's assets in an equity-bond portfolio. But the system decided to hire s eparate equity and bond managers instead, Ms. Corellis said.
Cutler will get the value of the equity portion of Bear Stearns' portfolio, the new bond manager will get the fixed-income portion. The Hannah Group is assisting.