TORONTO — Canada Pension Plan Investment Board committed C$50 million (US$37 million) to Ventures West 8, a venture capital fund, and C$25 million to CAI Capital Partners III, a midmarket buyout fund, said John Cappelletti, spokesman for the C$61.6 billion board. Both funds will concentrate their investments in Canada.
LONDON — The U.K. government on Oct. 31 announced new rules that will allow local government schemes to increase private equity holdings to 15% of assets, from 10%. The new rules will take effect Nov. 19, said Phil Hope, local government minister. "Authorities that take advantage of these new regulations will have greater freedom to maximize pension fund returns," Mr. Hope said in a statement. Britain's local authority market has about £80 billion ($135 billion) in combined assets.
LONDON — Unilever PLC announced company contributions to its U.K. pension plans would almost double to £50 million ($85 million) next year, as part of its strategy to minimize pension expense. The company's pension expense was €46 million in the third quarter, compared with €27 million in income a year earlier, a company spokesman said. The plans have £4.1 billion ($6.97 billion) in assets.
HEERLEN, Netherlands — Stichting Pensioenfonds ABP and Prentiss Properties Trust, a real estate investment trust, are forming a joint venture to invest up to $510 million in office buildings in Washington, northern Virginia, Chicago, Dallas/Fort Worth, northern California and San Diego/
Orange County, said David Boyle, portfolio manager at ABP Investments. The €144 billion ($169 billion) ABP will contribute 49% and Prentiss will contribute 51%.
LONDON — BP PLC plans to contribute $1.6 billion to its pension plans, mainly in the United States, by the end of the year, a company spokesman said. It contributed $650 million in the third quarter ended Sept. 30, he said. The U.S. plan has $4.2 billion in assets and $6.77 billion in liabilities; the U.K. plan totals $15.1 billion in assets and $14.8 billion in liabilities. Information on the breakdown of the contribution or how it will be invested was not available. He said the contributions are voluntary. BP is able to make them because of strong cash flow.
Other BP executives couldn't be reached for comment.
LONDON — Liontrust Asset Management hired State Street Corp. to provide global custody, fund accounting and trustee services for the firm's £4.1 billion ($6.9 billion) in assets under management, according to a State Street news release. Liontrust's previous custodian, Deutsche Bank, was acquired by State Street earlier this year.
MONTREAL — Caisse de Depot et Placement du Quebec will be split into separate investment and corporate services as part of a new business model for the C$130 billion (US$98.5 billion) pension fund, said Henri-Paul Rousseau, chairman and CEO.
The investment unit will have six areas: equity markets; fixed income; absolute return; private equity; real estate; and investment analysis and optimization, a new group that includes dynamic management of active and absolute risk, macro-economic analysis, information management, sharing of best investment practices and investment management applications support.
Corporate services will consist of finance, treasury and strategic initiatives; human resources and organizational development; risk management and depositors' accounts management; institutional affairs; and information technologies and investment administration.
Each team will be headed by an executive vice president who is a member of the Caisse's management committee. No one has been named so far.
CHICHESTER, England — West Sussex County Council Pension Fund rehired Cushman & Wakefield, Healey & Baker as manager of £62 million ($103 million) in U.K. real estate, said Rosemary Burfoot, council group accountant, technical. The £710 million scheme had issued an RFP for the portfolio. Hymans Robertson advised.