US - The US$219bn California Public Employees' Retirement System (CalPERS) has created a $500m investment vehicle that will primarily target investments in California, and will be managed by Hamilton Lane.
CalPERS said it had launched the fund for the second phase of its California Initiative Program, a 2001 initiative to to invest in companies in under-served urban and rural markets
CalPERS will allocate half the $500m to California-based private equity funds and the other half to direct co-investments in California-based companies that were compatible with the programme’s goals.
Charles Valdes, chair of the CalPERS Investment Committee, said he believed the next phase of the initiative would attract new sources of capital to California companies, magnifying the impact of the fund's investment.
Russell Read, CalPERS CIO added: “These new ventures, and especially those in California, will help us achieve investment diversification and solid returns while fostering greater economic vitality across the state.”
In other news, both CalPERS and the California State Teacher’s Retirement System (CalSTRS) welcomed the announcement SEC Chairman Christopher Cox on proxy access.
Fred Buenrostro, CEO of CalPERS, and Jack Ehnes, CalSTRS CEO, said in a joint statement:
“We commend Chairman Cox for his decision to go forward with a deliberative rulemaking process on the use of the proxy to nominate corporate directors. We are confident it will result in a thoughtful rule permitting reasonable, fair shareowner access."
The two added that the ability to elect, nominate and hold directors accountable were "the cornerstones of shareowner rights".
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.