US - Total assets at the California Public Employees' Retirement System returned to US$200bn yesterday, a $40bn increase from its March lows, the pension fund said.
Chief investment officer Joseph Dear said: "We are seeing some strong signs of economic growth that are having a positive impact on the value of our portfolio. While we are still cautiously optimistic, we are seeing some light at the end of the tunnel."
Total assets were boosted by strong returns in domestic and international equities. But third quarter results, discussed at an investment committee meeting yesterday, were hurt by poor returns in real estate and fixed income.
Real estate was down 49% for the year and staff at the pension fund is in the midst of an internal review of the programme's managers. (Global Pensions; December 9, 2009)
Separately, the investment committee hired Meketa Investment Group as its first dedicated infrastructure consultant. Meketa beat out Pension Consulting Alliance, who already advises on the fund's real estate and private equity investments; R.V. Kuhns and Associates and Wilshire Associates, CalPERS' general consultant. (Global Pensions; December 8, 2009)
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