The California pension is set to create a $6bn securities portfolio targeting distressed sellers that will cut across all asset classes. To make room for the portfolio, the pension is shifting its asset class allocations, including increasing allocations to real estate and private equity.
2 min read · 21 January 2013
Losses of 19.5% in public markets and 13.7% percent in private equity were partially offset by gains of a 6% gain in real estate. The Canadian pension plan, one of the country’s largest, is now valued at C$44bn, versus C$52bn at the end of last year.
2 min read · 21 January 2013
The $500m private equity fund will support the development of transport, energy and other infrastructure projects in the Latin American country. Ashmore, local partner Inverlink and technical adviser Macquarie have agreed to invest in the fund.
1 min read · 21 January 2013
Piergiulio Dentice di Accadia has joined from CB Richard Ellis Investors to manage the Cordea Savills Italian Opportunities No 2 fund. In addition, former Pirelli Real Estate professional Daniele Martignetti has also joined Cordea Savills’ Italian business.
1 min read · 21 January 2013
The Municipal and Infrastructure Assurance Corporation, capitalised by Macquarie at $75m as of September 2008, will be able to obtain its licenses to provide bond insurance in all US states and territories more quickly as part of a pilot licensing program.
2 min read · 21 January 2013
The debt-laden REIT says it is examining its future, including potential bankruptcy protection, as it struggles to refinance billions of debt in a stalled refinancing market. The REIT is reportedly in default on loans secured by two malls in Las Vegas, including the Fashion Show Mall.
2 min read · 21 January 2013
The real estate investment trust arm of JE Robert Companies has undertaken a 1-for 10 reverse stock split after its average share price dipped below $1 in violation of the New York Stock Exchange’s listing requirements.
1 min read · 21 January 2013
A management group from Lehman Brothers Venture Partners will spin-out to become Tenaya Capital. The firm will have $750m in capital and 45 portfolio companies and retain all the third-party limited partners from Lehman’s venture funds. A decision on Lehman's real estate operations is expected in the next month.
2 min read · 21 January 2013
The S&P/Case-Shiller Home Prices Indices was down 18.2% in 2008. Phoenix, Las Vegas and San Francisco were among the worst areas affected.
1 min read · 21 January 2013
Réal Desrochers has ended his 11-year reign as the director of alternative investments at the US' second largest public pension, leaving veteran portfolio managers Margot Wirth and Seth Hall as interim co-directors. Desrochers did not disclose future professional plans in a farewell email sent to friends and colleagues.
4 min read · 21 January 2013
