PHOENIX — The $23 billion Arizona State Retirement System hired NorthPoint Capital to manage $140 million in active domestic midcap growth equities, said Gary Dokes, chief investment officer. Funding will come from reducing a roughly $340 million internally managed S&P 400 MidCap enhanced index portfolio. R.V. Kuhns assisted with the shortlist search.
SACRAMENTO, Calif. — The $197.4 billion California Public Employees' Retirement System selected several managers to be placed on a preapproved list of managers to run up to $500 million in environmentally sensitive public equity portfolios.
For domestic equities, CalPERS selected AXA Rosenberg, New Amsterdam Partners and Piper Jaffray, in conjunction with INTECH. Brandywine was picked to run international stocks, while State Street Global Advisors was selected to run both domestic and international stock portfolios.
Separately, CalPERS is negotiating a $50 million commitment to a private equity fund run by Nogales Investors, according to Mark Anson, the system's chief investment officer.
DENVER — Colorado Public Employees' Retirement Association will commit up to $150 million each to Apollo Investment Fund VI and Blackstone Capital Fund V, said Katie Kaufmanis, spokeswoman for the $34.8 billion system.
Both investments are subject to final due diligence and legal negotiations, she added. PERA had about $2.8 billion in alternative investments as of Sept. 30.
Additionally, the fund's asset-liability study is expected to be completed in early 2006, Ms. Kaufmanis said; consultant Ennis Knupp is assisting.
TORONTO — CPP Investment Board hired TD Capital Private Equity Investors to manage C$250 million (US$209.5 million) in a Canadian small- and middle-market buyout fund of funds and $150 million in a Canadian venture capital fund of funds, said Mark Wiseman, vice president, private investments for the C$92 billion CPP Investment Board. Funding came from cash.
FORT WASHINGTON, Pa. —Dairy Workers Union Local 463 hired SEI to run its $100 million pension plan as a manager of managers, according to Frank Wilkinson, SEI spokesman.
The firm will be responsible for structuring the investment portfolio, as well as selecting and evaluating its investment managers.
Joseph Ryder, Local 463's secretary and treasurer, could not be reached for comment.
HONOLULU — The $9.49 billion Hawaii Employees' Retirement System hired Philadelphia International Advisors, New Star Institutional Managers and JPMorgan Asset Management to manage $300 million each in active large-cap international equities, said Kimo Blaisdell, chief investment officer.
The money had been in an index fund run by State Street Global Advisors. Most of the money originally came from Bank of Ireland and Schroder Investment Management, which ran about $400 million each in similar portfolios before being terminated.
System officials also hired Rexiter Capital Management to run $100 million in active emerging markets equities. The money was taken from a commingled fund, where it had been placed after Capital International was terminated as manager of a similar emerging markets portfolio. The system has 18% of total assets in international equities, Mr. Blaisdell said.
Additionally, the system hired Western Asset Management to run a $450 million core-plus fixed-income portfolio, Mr. Blaisdell said. The new allocation was added for diversification. The fund's other core-plus fixed-income managers are PIMCO and Bradford & Marzac, which ran $485 million and $473 million, respectively, as of Sept. 30.
There was a "strong feeling" among board members that they could use regular input from an investment consultant, Mr. South said. The board, which invests about $6.5 billion in pension assets and $10.5 billion overall, issued an RFP in August following a one-time operational review by Independent Fiduciary Services.
The board wanted a firm to provide consulting services and also perform an asset-liability study of the state's pension funds, according to the RFP. Information on an upcoming study wasn't immediately available.
TRENTON, N.J. — New Jersey Division of Investment committed $50 million each to CB Richard Ellis Strategic Partners IV and BlackRock Income and Growth Property Fund as part of the division's alternative investment plan, confirmed Tom Vincz, spokesman for John McCormac, state treasurer.
The division also committed $50 million each to JLL Partners V, a middle-market buyout fund, and InterMedia Partners VII, a growth equity fund that makes media investments. The commitments were part of the division's plan to allocate 5% of New Jersey's $70 billion pension assets to private equity.
PEMBROKE PINES, Fla. — Pembroke Pines Fire and Police Retirement System hired American Realty Advisors and BlackRock Realty to run $5 million each in core real estate, subject to contract finalization, according to Karen Warner, plan administrator. The fund will also hire two more managers to run an additional $10 million combined in alternative real estate; Consultant Dahab Associates is compiling a list of candidates. Additional manager presentations probably won't take place before the end of the year, Ms. Warner said.
These are the $208 million pension plan's first real estate investments; the board is seeking greater diversification in the plan's overall portfolio. Funding will come from a general rebalancing and cash.
HARRISBURG, Pa. — Pennsylvania Public School Employees Retirement System hired AQR Capital Management to manage $490 million in a global macro strategy, said Evelyn Tatkovski, spokeswoman. Funding came from rebalancing.
The $52 billion pension plan now has a total of $2.1 billion allocated to four global macro investment managers — AQR, Barclays Global Investors, Bridgewater Associates and First Quadrant — and an internally managed S&P 500 overlay portfolio.
NEW YORK — Pfizer Inc. hired Fidelity Investments as record keeper of its $7.8 billion 401(k) plan, said Jennifer Spendlove, an investment officer. Ms. Spendlove would not say what firm Fidelity is replacing. According to the Money Management Directory, Pfizer's record keeper was Hewitt Associates. Kelly Zitlow, a Hewitt spokeswoman, did not return calls by press time. The administrator is Northern Trust, and several firms provide investment options.
AUSTIN, Texas — University of Texas Investment Management Co. invested $722 million in the Cohen & Steers Realty Total Return Fund, according to minutes of the Oct. 7 board of directors meeting. UTIMCO outsourced the allocation because Greg Cox, who had run the REITs internally since 1993, left the company, according to the minutes.
Greg D. Lee, spokesman for UTIMCO, which manages $17.8 billion for the University of Texas endowment, was not available for comment.
OLYMPIA, Wash. — Washington State Investment Board approved up to $675 million in private equity and real estate investments, said Liz Mendizabal, spokeswoman for the $53 billion fund.
In real estate, the board will invest up to $350 million in Fillmore Strategic Investors and up to $50 million in the Fillmore East funds. In private equity, the board will invest up to €150 million ($175 million) in Nordic Capital VI and up to $100 million in Avenue Special Situations IV.
All investments are subject to further due diligence and negotiations, Ms. Mendizabal said.