Matt Levin
The second largest US pension suffered a 3.7 percent decline in its overall investment portfolio, its first negative return in six years. It follows last week's 2.4 percent loss on investments at CalPERS, despite strong returns for private equity and real estate.
The influential limited partner incurred an overall loss of 2.4 percent on its investments for the 2007-2008 fiscal year, but saw its private equity portfolio lead all allocations with a 19.6 percent return.
The pan-African investor, nearing full deployment of its first independently raised fund, is betting that the East African nation’s biggest saltwater lake can produce four million tons of salt by 2012. The fresh capital will be used for buying equipment and facility renovations.
The quoted fund of funds, backed by Bank of America and Oak Hill, has engaged ABN AMRO to issue a continuous quote on its shares. It is the second time the bank has provided the Euronext-traded fund with liquidity.
Pacific Biosciences has lured the backing of an eclectic consortium of investors including Kleiner Perkins, Ontario Teachers’ and fixed income hedge fund Deerfield.
The long-time KKR loyalist will be the first public pension to invest in a “dedicated separate account” managed by KKR Fixed Income. The commitment dwarfs previous Oregon commitments to KKR’s buyout funds.
Paint and coating supplier PPG has agreed to the divestment of its auto glass business for $330m in cash and equity, roughly $170m less than the price tag on a failed Platinum Equity deal still in court.
The first of two Pequot Capital venture spin-outs has surpassed its initial fundraising target of $250m.
The distressed debt and real estate specialist hopes to capitalise on an improving regulatory environment for buyouts of distressed assets in China.
The state’s legislature has increased the Florida State Board of Administration’s allowable allocation to private equity and venture capital from 5 percent to 10 percent. The pension fund is also launching an infrastructure platform.