Washington State Investment Board, Olympia, committed up to $75 million to the OCM Opportunities Fund II, a distressed securities fund offered by Oaktree Capital. Funding will come from cash, and brings the $40 billion fund's allocation to private equity to 7.9% of total assets.
The board's goal is to have private equity reach 15% of total assets. Brinson assisted.
Denver Public School Employees' Pension & Benefit Association hired Callan Associates to conduct an asset allocation study. The review of the $2 billion fund is expected to be finished by the end of the year. Approval of a new asset mix is expected early in 1998, said Darrell Allen, investment officer.
The current mix is 30% U.S. equity, 30% corporate bonds, 15% mortgages, 10% international stocks, 10% real estate equity and 5% private equity.
Alberta Teachers' Retirement Fund Board, Edmonton, Alberta, hired two non-North American stock managers for its C$1.5 billion (or US$1.08 billion) pension fund, said Kenneth F. Bancroft, director investments. GE Investments will be assigned C$100 million for a core EAFE portfolio and Pyrford International, C$50 million for an EAFE portfolio that will make country allocations.
Funding came largely from Baring International and Fleming Canada Partners, which ran similar mandates and were dropped.
Brockhouse & Cooper assisted.