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The Maine Public Employees Retirement System (MainePERS), based in Augusta, has approved two alternative investment commitments totalling up to $200m, according to a report by Pensions & Investments Online citing James Bennett, the Chief Investment Officer of the $20.2bn pensionfund. of its total assets.
Recent high profile investor losses under score the importance of duediligence. As Compenswiss looks to mandate new private debt managers, chief investment strategist Frank Juliano talks through duediligence processes at the Swiss pensionfund.
The 77-year-old billionaire told the Financial Times that big asset managers had competed aggressively to lend to the largest private equity groups as money poured into their coffers in 2020 and 2021, raising questions over the duediligence the funds conducted when they agreed to provide multibillion-dollar loans.
“The investment horizon for these assets is long and the ability to rebalance in the future is hampered,” warns Marlene Puffer, who joined AIMCo as CIO in 2023 from Canada’s railway pensionfund CN Investment Division. Deals have not been done, or we’ve added more duediligence, as a result of these people,” she says.
Advocacy groups have accused the private fund industry of unfair, conflicted and opaque practices that hurt everyday Americans who invest in such funds through their pensions. It's not as if some state pensionfund benefits from opacity," SEC Chair Gary Gensler told reporters after the panel's vote.
And we did talk to a lot of people, but we were grateful to have a college endowment, a a publicly traded insurance company, a publicly traded company, corporations pensionfund, and some wealthy individuals join our first fund, which was a mighty $71.4 Then I think you’re gonna find this to be a fascinating conversation.
Now their focus is turning to return-enhancing private debt and private equity with new partners in close relationships that will open the door to co-investment and direct participation down the line. We typically target the mid-market, where we can be meaningful, and every fund investment we have done so far has included an LPAC seat.
What progress have you made on implementing social impact and inclusion into your duediligence processes? just saying, that is the group that is systematically discriminated against the most and none of the pensionfunds I cover do anything to target hiring them). We have taken out C$18 billion ($13 billion; €12.3
The second was appropriate systems and controls, so that if a university wanted to conduct duediligence on UPP before committing staff pensions to it, “we wanted excellent marks”. Zvan also discusses why private equity, debt and infrastructure investments in Canada are some of the top holdings in UPP's portfolio.
They grew a business where they issued junk debt. So the initial idea of leveraged buyouts very high inflation really was financial engineering, truthfully, back in those days, because if you had 95 parts debt, and 5 parts equity, and 10 percent inflation, you know, you could triple your equity with no unit growth at all.
I think it has to be in debt or, or private markets because that it has to be a primary market transaction. It has already affected cost of capital on the debt side. And if you have less demand on the debt side, you can raise less money and less of a good price. Pensionfunds, endowments, etc. 0:06:45.6 : Yeah.
Invested £93 million in a debt facility to Vårgrønn, owner of a 20% stake in Dogger Bank Wind Farm, which is an offshore wind farm currently under construction, located off the coast of the U.K. 7) Gordon Pape wrote and op-ed for the Globe and Mail stating the Canada Pension Plan changes will raise contributions at a very wrong time.
You know, when the firm launched its debt business, I was the analyst putting together some of the credit analysis on the first couple of loans that we had written at that time. We had a group that was doing small growth capital investments in Germany and Switzerland at that time, a fund doing secondaries. LAYTON: Yeah.
His name is Robert Koenigsberger, and he has a fascinating career in emerging market, opportunistic and distressed debt investing. He started at a small boutique before going to Merrill Lynch and Lehman Brothers, and ultimately launching his own shop called Gramercy Funds Management. RITHOLTZ: Sure.
There were financial experiments where the borrower hadn’t been through duediligence. You have to have a debt load below a certain level, or the price for you is zero. So we, we do business with most of the sovereign wealth funds, most of the big US national insurers, global insurers, the largest pensionfunds.
billion from one of our large pensionfund clients. Our new private credit dataset provides terms and conditions transparency on more than 2,800 private credit funds and more than 120,000 private credit holdings to support various duediligence and portfolio management needs. Turning finally to asset managers.
The pensionfunds 2024 returns fell short of its internal benchmark of 12.9 In 2024, the pensionfunds publicly-traded stocks gained 23.2 billion of investment income the pensionfund earned last year - roughly $7-billion - came from currency gains as the gap widened between the U.S. billion) and Credit ($0.9
Somehow no one in duediligence ever asked them about any of this. And not being able to tell them or show them makes it harder for them to do duediligence to understand how it may have behaved. And by and by the agreement, I wasn’t, I wasn’t even supposed to be in the equation at all. No one knew who I was.
RITHOLTZ: Not the debt. DAMODARAN: Or it could be some unique characteristic, pensionfunds pay no taxes. DAMODARAN: We’re going to do our duediligence. We also tell them to do duediligence. DAMODARAN: Or $44 billion write-off. RITHOLTZ: I think he could use the tax write-off. RITHOLTZ: Right.
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