ALBANY, N.Y. -- The New York State Common Retirement Fund, Albany, returned 14% in 1999, said H. Carl McCall, state comptroller and sole trustee of the $120 billion fund.
Mr. McCall added the fund returned 17% for the three years ended Dec. 31 and 18% for the five years ended Dec. 31.
The fund has about 70% invested in equities and 30% in fixed income.
Texas Growth plan commits to buyout
AUSTIN, Texas -- Texas Growth Fund, Austin, committed $11 million for the leveraged buyout of ENSR International Corp. The fund invested alongside Wingate Partners, a Dallas-based private equity firm, and Fleet National Bank, Boston.
The Texas Growth Fund has committed more than $575 million to three private equity funds.
The Texas Growth Fund is a private equity investment fund supported by Texas public pension funds and endowments, providing subordinated debt financing for companies with operations in the state. The fund is managed by TGF Management, Austin.
IRS: Idaho can offer 401(k) to all state employees
BOISE, Idaho -- The IRS ruled that Idaho can extend its 401(k) plan to all employees in the $7.3 billion Public Employees' Retirement System of Idaho Defined Benefit Plan, Boise.
The private-letter ruling, which was directed only to the state, said the plan -- which was available only to employees of Idaho's health and welfare and lands departments -- can be extended to employees of local school districts, political subdivisions and other state entities.
NYC police fund aids in refurbishing
NEW YORK -- The $18 billion New York City Police Pension Fund provided a $1.2 million mortgage to help refurbish 76 Brooklyn apartments and a $529,000 mortgage for the renovation of 16 housing units in Harlem, said Alan G. Hevesi, New York City comptroller.
The mortgages are part of the system's economically targeted investments and are guaranteed by government agencies.
NEBF, Glenborough Realty join forces in venture
WASHINGTON -- The National Electrical Benefit Fund has teamed up with Glenborough Realty Trust in a joint venture to develop and own 101 Ellsworth Ave., a six-story Class A office building in San Mateo, Calif., said Paul Saylor, chairman of CS Capital Management, which advised the $9 billion pension fund.
The NEBF, which is investing $11 million in the venture, is a multiemployer pension plan jointly administered by the International Brotherhood of Electrical Workers and the National Electrical Contractors Association, both in Washington.
Oakland police-fire plan terminates Hutchinson
OAKLAND, Calif. -- City of Oakland Police and Fire Retirement System terminated W.D. Hutchinson's $25 million large-cap value portfolio and spilt it evenly between existing managers Reams and Seneca, which now handle $177 million and $179 million, respectively, in fixed income for the $900 million plan.
North Dakota pension trust drops Ark Asset
BISMARCK, N.D. -- The North Dakota State Investment Board terminated Ark Asset Management for performance reasons. The $2.7 billion pension trust moved the $65 million domestic large-cap value equity portfolio to an S&P 500 index fund with State Street Global Advisors, said Steve Cochrane, executive director. A spokeswoman for the manager said Ark doesn't comment on such matters.
Oklahoma police fund hits roadblock in search
OKLAHOMA CITY -- The Oklahoma Police Pension and Retirement System, Oklahoma City, reached a roadblock in its search for a fund-of-funds manager to handle $30 million when the $1.3 billion plan rejected all bids at its April 19 meeting.
The system has not made a decision as to what it will do next, said Bob Wallace, executive director, who added it will have to do some due diligence.
Asset Consulting Group is assisting.