The Big Picture

MAY 9, 2023

So I went from being a publishing high yield research analyst to a distressed debt analyst and investor. So what I mean by that is, first, understand the duration of your funding source. Pension funds have quite long-dated capital. So first, understand the duration of that funding source.

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The Big Picture

APRIL 4, 2023

So we created basically a mid-market lending platform that ultimately spun out some of the most talented and capable folks, you know, within the private debt world today. So a very different dynamic than we saw back in 2007, 2008, 2009. Private debt AUM has grown to $1.3 so it was a very, very interesting place.

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The Big Picture

MARCH 12, 2024

And I asked them not to shut down the subprime mortgage market because it does serve a large swath of the American public who has a slightly higher rent to income or debt to income ratio, or has defaulted on a credit card in the past or something. You have to have a debt load below a certain level, or the price for you is zero.

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Pension Pulse

FEBRUARY 25, 2025

Nicolas Van Praet of the Globe and Mail reports pension giant Caisse strikes deal to acquire Innergex Renewable Energy: Canadian pension fund giant Caisse de dpt et placement du Qubec has struck a deal to buy Innergex Renewable Energy Inc. The Caisse will pay $13.75 per cent stake.

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The Big Picture

NOVEMBER 25, 2024

And there was one conversation very early in my career, this was actually 2007, where I was interviewing with an asset manager and I pre-meeting, asked them what they thought of the market. So I was looking at all sorts of things, which is sort of classical equity quant type work. See ya, you’re getting a margin call.

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The Big Picture

JUNE 20, 2023

That was sort of unfathomable at the time, that someone could buy a giant, publicly traded company strictly with low-cost debt. Well, first of all, the big fee that really ends up, and this is not a fee to the private equity firm, but the big problem with many of these deals is the debt interest costs, okay? MORGENSON: Absolutely.

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The Big Picture

APRIL 11, 2023

And as you well know, in 2007, accountants fixed what I thought was a horrendous mistake — RITHOLTZ: Right. RITHOLTZ: Not the debt. DAMODARAN: Or it could be some unique characteristic, pension funds pay no taxes. They were older, you know, companies that were over the hill in terms of their business models.

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Education Finance Financing Taxes 119

The Big Picture

FEBRUARY 20, 2024

00:07:47 [Speaker Changed] So, so after, you know, more than 20 years at Goldman, you joined the New York Fed in 2007, overseeing domestic and foreign exchange trading operations, 2007, that, that’s some timing. Well, I had about I seven months of calm and then chaos started in August of 2007.

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Pension Pulse

OCTOBER 21, 2024

He explains very well why OMERS issues debt and part of the reason is also to capitalize on opportunities as they arise. HOOPP doesn't issue debt, it instead has extensive repo activities (mostly) leveraging its massive bond portfolio which Ryan's team is in charge of to make sure there's always liquidity at hand when needed.

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Pension Funds Finance Financing Debt 59

Pension Pulse

FEBRUARY 19, 2025

This phase will receive federal funding of $3.9-billion million in funding announced in the 2024 budget. The pension fund is currently building an $8 billion light rail system in Montreal, known as the Rseau Express Mtropolitain. billion over five years. That is in addition to $371.8-million

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Pension Funds Bidding Finance Financing 59

Pension Pulse

JANUARY 22, 2025

Even the biggest pensions that have long investment time horizons and the benefits of scale have only tended to generate modest total portfolio net value add over the long term. A study by CEM Benchmarking found that the average annual net value add of the largest pension funds was 26bps over 20 years. See the chart below.

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Pension Funds Liabilities Hedge Funds Assets 59