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.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.