SACRAMENTO, Calif. - CalPERS' investment committee on March 17 is expected to consider expanding its private equity disclosure to include the funds run by its venture capital manager, Grove Street Advisors, said Brad Pacheco, spokesman.
Under the proposal, the performance of each fund in the three funds of funds run by Grove Street would be listed on CalPERS' website, but the portfolio company names would be excluded. Currently, Grove Street, which manages $2 billion for the $131 billion California Public Employees' Retirement System, Sacramento, only lists overall performance of each fund of funds on its website.
CalPERS began posting performance of its private equity funds on its website after settling a lawsuit filed by the San Jose (Calif.) Mercury News last fall. Mr. Pacheco said the CalPERS disclosure policy goes further than that of any other public pension fund. Officials at Grove Street were not available for comment by press time.
Putnam Lovell Equity Partners to purchase Berkeley Capital
NEW YORK - Putnam Lovell Equity Partners, a private equity fund, will acquire Berkeley Capital Management from London Pacific Group. According to a statement from London Pacific, the purchase price will be $7.75 million in cash, with an additional $1 million cash installment to be paid Dec. 31. The deal is expected to close May 15.
Berkeley Capital will retain its name, separate office and 17 employees. It manages $1.1 billion in value and growth equities and balanced strategies for a combination of institutional and other clients; it will continue to subadvise some portfolios for London Pacific.
Berkeley CEO James Landau, President John Hart, and other key employees will own a share of the company. Jeffrey D. Lovell, chairman of Putnam Lovell NBF Private Equity, will become BCM's chairman. Cameron L. Miller, a Putnam Lovell NBF Private Equity principal, will join BCM's board. The private equity fund will provide additional capital to BCM to fund the firm's expansion.
New managed futures index launched by Standard & Poor's
NEW YORK - Standard & Poor's launched its Managed Futures index, an expansion of the managed futures subset of the S&P Hedge Fund index.
The new investible index has 14 constituent funds, four of which are included in the broader index. The median fund has $347 million in assets, and the median manager is nearly 8 years old.
St. Mary's College considers adding hedge funds to asset mix
NOTRE DAME, Ind. - St. Mary's College might move into hedge funds for the first time, said Leslie Hitchcock, controller.
Officials for the $80 million endowment will meet April 24 to decide if they will conduct a shortlist search for a hedge fund manager. If approved, consultant LCG Associates will recommend three or four managers, he said. The size of the potential commitment has not been determined; funding might come from the equity portfolio, but details have not been discussed, he said. The fund's asset allocation is 50% domestic equity, 25% fixed income, 20% international equity, 4% venture capital and 1% cash.
New alternatives business started by Refco Group
NEW YORK - Refco Group opened a new business, Refco Alternative Investments, offering fund of hedge funds, structured products and custom portfolios to institutional and high-net-worth clients, said David Kugler, senior vice president and head of RAI. The new firm has $55 million in assets under management so far, Mr. Kugler said. In the future, it may also offer individual hedge funds.
Chicago Merc to offer futures based on Russell 1000 index
CHICAGO - Chicago Mercantile Exchange and Frank Russell will team up to launch futures based on the Russell 1000 stock index, exchange officials said in a news release. The exchange already offers futures and options based on the Russell 2000 index. The Russell 1000 index futures contracts will be available in the second quarter, and Russell 1000 index options may come later, exchange officials said.
With the combination of products, "CME will offer exposure to the Russell 3000 universe of stocks, representing 98% of the investible U.S. equity market," CME Chairman Terry Duffy said in the release.