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CalPers Feels the Heat Replies |
HenryTo
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Joined: 06 Aug 2004
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Location: Los Angeles, California
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rffrydr
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Joined: 30 Oct 2005
Posts: 16932
Location: Sunny California
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 Posted: Tue Nov 17, 2009 8:59 am Post subject: |
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Trying to exclude the pay-and-pray aspect in RE investment in style at he time CalPERS tried to unlock value the old fashioned way--cronyism. Backfiring now in big way for this highly image-crafted institution which is now having it image imposed upon it. New era in public utilities?
http://www.sacbee.com/business/story/2327692.html
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rffrydr
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diesel
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Joined: 05 Oct 2006
Posts: 793
Location: Australia & New Zealand
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| Posted: Sun Feb 01, 2009 1:53 am Post subject: |
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http://www.wsws.org/articles/2009/jan2009/calp-j30.shtml
| Quote: | | CalPERS is the largest pension fund in the US and the fourth largest in the world. At its height in October 2007 it had $260 billion in assets, comparable to the GDP of Poland, Indonesia or Denmark. At the end of 2008 CalPERS was worth $186 billion, one of its worst annual declines since the fund’s inception in 1932. It is one of the latest casualties of the financial collapse on Wall Street. |
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rffrydr
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HenryTo
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Joined: 06 Aug 2004
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Location: Los Angeles, California
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| Posted: Sun Oct 26, 2008 12:51 pm Post subject: |
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Meanwhile, CalSTRS has been heavily playing defense and is poised to redeploy back into equities once credit spreads start coming in significantly:
http://www.sacbee.com/103/story/1311408.html |
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HenryTo
Site Admin
Joined: 06 Aug 2004
Posts: 11732
Location: Los Angeles, California
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| Posted: Sat Oct 25, 2008 5:37 pm Post subject: |
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Another unintended consequence: CalPERS forced to sell stocks to raise cash to meet capital calls from private equity funds:
http://online.wsj.com/article/SB122488856222368463.html?mod=testMod
| Quote: | The nation's largest public pension fund, known as Calpers, is unloading stocks in a falling market to make sure it has enough cash to meet its obligations.
The pressures come as the California Public Employees' Retirement System has had to raise cash to fulfill commitments to private-equity firms and real-estate partners. The giant fund's predicament is another sign of how the market selloff is tightening the screws on pension funds nationwide. Many other pension funds have similar partnerships and could also confront liquidity strains.
Members of the board investment committee at Calpers held a closed-door session on Monday and discussed ways to raise more cash, according to people familiar with the matter. The issue was brought to the attention of the committee after members of the investment staff expressed concern, a person with knowledge of the matter said. |
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