US - CalPERS has announced two investments of US$400m into emerging markets and cleantech funds, both of which wil be managed by Pacific Corporate Group (PCG).
The cleantech programme will target energy, water and material technologies that reduce carbon emissions and improve energy efficiency, while the EM fund will seek out opportunities in Eastern Europe, Latin America and Asia.
The US$236bn fund said it anticipated returns consistent with the double-digit gains it had experienced in its Alternative Investment Management (AIM) programme in recent years.
CalPERS will be the anchor investor in the PCG cleantech fund, which will seek to raise capital from other institutional investors. CalPERS has already invested $200m in seven cleantech partnerships through the AIM programme’s current Environmental Technology Program.
The EM private equity investments will provide CalPERS with additional reach into attractive investment markets around the globe.
The vehicle will focus on investing in partnerships that employ a variety of investment styles and strategies including venture capital, buyout and acquisition financing, growth and expansion capital, and mezzanine financing.
In other news, California governor Arnold Schwarzenegger reappointed Tony Oliveira as his local government representative to a four-year term on CalPERS’ board of administration.
Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.
There have now been a total of 47 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...