SACRAMENTO, Calif. — CalPERS committed up to $15 million to NGEN Partners, marking the fund's first private equity commitment to clean technology. NGEN is an early stage venture-capital firm that will invest in firms that create new advanced polymers and plastics, energy and environmental technologies, and advanced displays and electronic technologies. The $182.9 billion California Public Employees' Retirement System allocated $200 million last year for private equity investments in environmental technology firms.
CHICAGO — Municipal Employees' Annuity & Benefit Fund of Chicago hired LSV Asset Management and AllianceBernstein to run $65 million each in active international value equities, said Jim Mohler, senior investment manager for the $5.9 billion fund. The portfolios are new, part of an increase in the fund's overall international equity allocation. Funding came mainly from reducing the fund's domestic equity investments; no managers were terminated. Becker Burke Associates assisted.
CHICAGO — Chicago Public School Teachers Pension & Retirement Fund committed $7.5 million each to private equity managers Pharos Capital Group, ICV Capital Partners, Palladium Partners and Sync Venture Capital, said Kevin Huber, chief financial officer and acting executive director for the $10.8 billion fund. Funding will come from a reallocation. Mercer Investment Consulting assisted.
SPRINGFIELD, Ill. — Teachers' Retirement System of Illinois trustees voted to hire Barclays Global Investors and T. Rowe Price to manage $900 million each in enhanced S&P 500 index funds. Funding will come from reducing equity index funds managed by State Street Global Advisors and Northern Trust Global Investments, said John Day, spokesman for the $33.1 billion system. Callan Associates assisted.
The system also approved a $45 million commitment to Banc Fund VII; $25 million to Wind Point Partners VI; and $20 million to Granite Ventures II.
BATON ROUGE, La. — The $340 million Louisiana State Police Retirement System hired Fisher Investments to manage $17 million in active domestic small-cap value equities, said Kim Gann, assistant director. Money for the portfolio has been parked in an S&P 500 index fund managed by State Street Global Advisors. UBS PRIME Asset Consulting assisted.
TIGARD, Ore. — Oregon Investment Council, which oversees the $48 billion Oregon Public Employees Retirement System, Salem, hired Wells Capital Management to run $500 million in active domestic large-cap growth equities, said Kevin Max, spokesman. Wells Capital will replace TCW Group, which was terminated because of organizational changes over the past year, Mr. Max said.
Separately, the council approved $550 million in private equity and real estate investments, with funding to come from cash, Mr. Max said. The council committed $200 million to the RREEF America II; $100 million each to Elevation Partners LP, KKR Europe and Rockpoint II Real Estate funds; and $50 million to Montauk TriGuard Fund III.
Also, Oregon Investment Fund is investing a total of $34 million with private equity firms Buerk Dale Victor, Cascadia Partners, Evergreen Pacific Partners and Riverlake Partners, said Ron Schmitz, chief investment officer of the $48 billion Oregon Public Employees Retirement Fund. Oregon PERF created the Oregon Investment Fund along with Credit Suisse First Boston, which is the $105 million fund's fiduciary. Oregon PERF contributed $100 million to the fund; CSAM contributed $5 million.
ST. LOUIS — Carpenters' Pension Trust Fund of St. Louis committed $10 million to Prolog Ventures Prolog II private equity fund, said Juli Laramie, controller. The $1.2 billion pension plan previously invested $4 million in the Prolog I private equity fund and the fund has performed very well, she said. Funding will likely come from general rebalancing and no existing manager will be terminated, Ms. Laramie said. Fiduciary Consultants assisted.
STOCKTON, Calif. — San Joaquin County Employees' Retirement Association hired Miller Global Properties to manage $15 million in opportunistic real estate, subject to contract negotiations, said Robert Palmer, retirement administrator. If approved, 90% of the assets will come from a $565 million bond portfolio managed by Dodge & Cox; the remainder will come from one of the fund's external domestic equity managers. The hiring would mark the final step in the $1.7 billion pension fund's first move into real estate.
RICHMOND, Va. — Virginia Retirement System hired Urdang Securities Management to manage up to $150 million in a real estate portfolio. The $43 billion system also committed $104 million to HM Europe Fund II, a private equity fund; $100 million to AMB Japan I, a real estate fund; and $35 million to FrontPoint Offshore Healthcare I, a long-short equities fund. Funding for the allocations came from cash, said Jeanne Chenault, spokeswoman.
OLYMPIA, Wash. — Washington State Investment Board will commit up to $100 million each to the JPMorgan Partners Asia Opportunity Fund II and Elevation Partners' inaugural fund, subject to negotiations and contracts, said Liz Mendizabal, spokeswoman for the $61.3 billion board.