US - The Pennsylvania State Empoyees' Retirement System (SERS) delivered an investment return of 11.4% in the first six months of 2007, and 22.2% over the 12 month period ended 30 June.
John Winchester, acting chief investment officer at SERS, said the performance placed it in among the top 5% of all large public pension funds nationwide for one, three, five and ten year periods. This was based on survey data compiled by the Wilshire Trust Universe Comparison Survey (TUCS).
Nicholas Maiale, chairman of SERS, called the performance report strong evidence of the value of the SERS board’s commitment to a broadly diversified portfolio that could perform well in a range of market conditions.
In a separate development, the SERS board also authorised a real estate investment of up to US$50m to Starwood Global Opportunity Fund VIII, L.P.
It also authorised six alternative investments which included: approximately $20m to Segulah IV, L.P; up to $10m to Avenue Special Situations Fund, V, L.P; and up to $100m in aggregate to Bain Capital Fund X and Bain Capital X Coinvestment Fund, L.P.
It also agreed investments of up to $25m to Ignition Venture Partners IV, L.P; up to $1.2m to purchase a secondary interest in Meritech Capital Partners II, L.P; in addition to up to $25m to TPG Asia V, L.P
Furthermore, the board agreed to hire Credit Suisse Securities Customised Fund Group to aid the investment staff in managing SERS’ private equity / venture capital investment portfolio.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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