Lucent Technologies Inc., Morristown, N.J., added Fidelity's series of five asset allocation funds to its $11.8 billion 401(k) plan. Freedom Funds comprise a series of funds based on a fund-of-funds approach designed to coincide with the retirement goals of participants. The addition brings the number of investment options at Lucent to 13. Fidelity is Lucent's bundled provider.
California State Teachers' Retirement System, Sacramento, committed up to $150 million to Kelso Investment Associates VI, a domestic buyout fund; up to $50 million to Summit Ventures V, a private equity venture fund; and up to $200 million in Thomas H. Lee Equity Fund IV, an equity investment fund. CalSTRS has 4.4% of its assets invested in private equity. Investments are subject to acceptance of final documentation and legal review. The $82 billion fund's alternative investment adviser, Pathway Capital, assisted.
Teachers' Retirement System of Illinois, Springfield, hired eight managers.
Hired by the $18 billion system for large-cap value stocks were: Institutional Capital for $265 million; Sanford C. Bernstein for $265 million; and Fox Asset Management for $175 million. Bond managers hired were: Miller Anderson & Sherrerd for $275 million; Conseco Capital for $275 million; Strong Capital for $200 million; Forstmann-Leff for $100 million; and Taplin, Canida & Habacht for $75 million. Also, Joseph J. Blake and Associates was hired for real estate appraisal.
Rhode Island State Investment Commission, Providence, with $5.54 billion in assets, committed $10 million to the Apollo Real Estate Investment Fund III, an opportunistic fund, said Steve Klamkin, spokesman. Funding will come from investment income.
Pacific Corporate Group assisted.
University and Community College System of Nevada, Reno, hired John McStay Investment Counsel as a REIT manager for its $201 million endowment fund. The firm will run about $10 million. Funding comes from last month's terminations of Pacific Financial Research and Anderson Hoagland.
Cambridge assisted. The fund's investment committee will meet April 29 to decide where to place $6.5 million to $7 million in assets left over after the terminations, said Tim Ortez, director of banking and investments.