US - The Indiana Teachers' Retirement Fund (TRF) has committed US$50m to a "sidecar" fund to the $105m Indiana Investment Fund 1 (IIF), which was launched in June last year.
The $16.3bn Indiana Public Employees’ Retirement Fund (PERF) launched the private equity fund last year to “focus investment resources on quality Indiana businesses”. It allocated $100m to the fund, with the remaining $5m provided by the fund manager Credit Suisse.
Speaking about the additional investment, PERF’s executive director David Adams said: “Based on the work of our fund manager, Credit Suisse, it became clear that there were additional opportunities within Indiana-based private equity funds.
“It seemed logical that TRF would be a natural choice for the additional investment, so we authorised Credit Suisse to approach TRF with the opportunity.”
The IIF includes two investment components: the first, worth approximately $60m, focuses on direct investments in quality businesses, while the second, worth around $40m, invests in Indiana-based private equity groups. TRF’s $50m will focus exclusively on the Indiana-based private equity component.
It was announced in February that PERF’s Adams had submitted his resignation and would be leaving his post on 1 June 2007. A replacement has not yet been found.
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.