Posted May 24, 2013 at 1:10 AM EST
In many parts of North America, this weekend – the long Memorial Day weekend – is the kick off to summer. And that means BBQs, cold beverages and, if you're a sadist, some academic reading material.
Posted May 23, 2013 at 6:01 PM EST
The NAPF has just published a nice report examining the responsible investment trend and the path that many investors are taking towards the inclusion of extra-financial factors. I think it’s fair to say that ‘responsible investing’ has finally gone mainstream… But (!) the NAPF is still missing something.
Posted May 23, 2013 at 6:00 PM EST
Today’s top stories: - China's SAFE now has 12 staff working in New York. - Following the CPPIB's lead, OTPP will now set up a new Hong Kong office. - Singapore's GIC has invested $150 million in Greenko Group. - There's some pension fund consolidation going on in The Netherlands. - And there’s more…
Posted May 21, 2013 at 6:00 PM EST
We’re hosting the “Global Infrastructure Forum” here at Stanford today, which means all I have time for is… the news: - The GIC sees a fairly abysmal decade ahead for equities and fixed income. - The Nigerian Sovereign Investment Authority is now "fully operational". - Is "JobsOhio" an American version of a sovereign development fund? Kinda. Yeah. - And there’s lots more…
Posted May 20, 2013 at 6:01 PM EST
I’ve just returned to California after spending last week at Institutional Investor’s Global Government Funds Roundtable in London. The conference was great, as there were ninety seven (!) representatives of sovereign funds from around the world talking about long-term investing, benchmarks, risk management, governance, and a variety of other things that (to the bewilderment of my friends) I get fired up about. Here are some of my key takeaways…
Posted May 20, 2013 at 6:00 PM EST
After a quick trip to London, I’ll be home for a next month or so. Here’s the news: - Nigeria's new SWF is getting its first real allocation of capital. - Qatar is launching yet another new state investment vehicle. - Boom: "Gulf funds are increasingly shunning the standard private equity investment model." And this makes me happy. - China's State Grid Corporation is hoping to buy some big energy assets in Australia from Singapore's Temasek. - And there’s a ton more…
Posted May 16, 2013 at 11:00 AM EST
Good to be back in town, London. I come bearing… the news: - More and more institutional investors are looking to fill the void left by banks in debt origination. - Severn Trent has apparently rejected the OMERS, KIA and USS takeover offer. - Big congrats to Institutional Investor on launching the new Sovereign Wealth Center. - The Revenue Watch has named and shamed the SWFs in Qatar, Kuwait, and Libya for not sharing any info on their assets, transactions or investments. - And there's more…
Posted May 15, 2013 at 1:00 AM EST
I'm off to London for Institutional Investor's Global Government Fund's Roundtable. If you're going, don't hesitate to say hello. In the meantime, I'll be reading the following papers on my flight over...
Posted May 14, 2013 at 6:01 PM EST
Given the enormous importance of risk in the investment business, you’d think that risk management would be fully integrated into everything these investors do. You’d be wrong…
Posted May 14, 2013 at 6:00 PM EST
Today’s top stories: - Ron Mock was officially named new CEO of OTPP. - Clive Capital paid its top partner $34 million, while losing money for clients for a second straight year... which is insane. - NYCERS is joining a bunch of other pensions in a lawsuit against BP over losses from the Deepwater Horizon spill. - And there’s lots more…
Posted May 13, 2013 at 6:00 PM EST
Top stories for your Monday: - Qatari Diar has reportedly received approval to (help) build 877 homes on the banks of the River Thames in London. - PE funds see bloated asset management industry as a promising target for buyouts. Up next: Buyouts of buyout funds. - In-sourcing continues to grow in popularity. - The launch of the first publicly traded sovereign wealth fund has been... postponed. - And there’s lots more…
Posted May 10, 2013 at 1:01 PM EST
It was a slow week of posting on AoG, as I was on the road to Miami and back (... for work ...). Anyway, I’ve got a ton of news stories to update you on and few solid pieces of research for your weekend reading. Enjoy!
Posted May 8, 2013 at 12:00 PM EST
Some (or even many) of the ills embedded in our system of capitalism are driven by the fact that our pensions, sovereigns, and other long-term investors aren't highly sophisticated investors.
Posted May 7, 2013 at 1:01 PM EST
Today's top stories: The China Investment Corporation avoids UK investments over Dalai Lama; Leverage in hedge fund portfolios highest since 2007; China's NSSF is enjoying huge net inflows: North Dakota's Legacy Fund is nearly twice as big as forecasts predicted; And more…
Posted May 6, 2013 at 6:00 PM EST
It’s Monday. So here’s the news from the weekend: - Canada Pension Plan buys a UK mall from the Australian Future Fund. - In 2012, public equities outperformed private ones. - Research shows that firms with long investment horizons do not have higher cash flow but they do have lower cash flow risk. - The Harvard Management Company has been slammed by NZ politicians for a land acquisition. - And there’s more…
Posted May 3, 2013 at 6:00 PM EST
I’ve got a bunch of news for you and an interesting paper by the OECD on long-term investing. Enjoy!
Posted May 1, 2013 at 6:01 PM EST
As part of my ongoing series on big funds you've never heard of, I think I’ve found another big fund you’ve never heard of… Let’s find out.
Posted May 1, 2013 at 6:00 PM EST
Today’s top stories: - Turkey says it welcomes SWF investment in its infrastructure. - The Oman Investment Fund is refocusing its investment efforts on Oman. - After sitting out the equity bull market for the past two years, ATP is now (30% later) planning to get back in. - Dutch pension funds think they are paying too much for the services they receive and want to pay less. - And there’s lots more…
Posted April 30, 2013 at 6:01 PM EST
Here's a public service announcement: PE performance quartiles are, for the most part, meaningless. This probably isn’t news to most of you, as almost every PE manager in the world claims to be in the top quartile of funds. But even if this truth is largely self-evident, I still think it's important to spread the word so that Boards at pensions and sovereigns aren't fooled by the sneakiness of PE benchmarking...
Posted April 30, 2013 at 6:00 PM EST
Here are today’s top stories: - NYCERS has filed a lawsuit against BP for damages resulting from Deepwater Horizon. - The CIC was apparently quite annoyed about the Barclays deal. - FYI: Concentrated equity portfolios perform far better than diversified portfolios. - Hedge funds’ business model may finally be cracking. --> :) - Norway wants permission to "pour billions of dollars into" China. - And there’s more…
Posted April 29, 2013 at 5:00 PM EST
The top stories from today and the weekend: - Venezuela may tap its SWF to fill a budget gap of $53 billion. - Wyoming's permanent funds are planning a new $500 million commitment to PE. - CalSTRS is "… taking activism by pension funds to a new level". - Qatar's Hassad Food has a new CEO. - Harvard takes heat ... from Harvard ... for certain timber investments in Chile. - And there’s more…
Posted April 26, 2013 at 1:00 AM EST
Welcome to the weekend. I’ve got some news and research papers for your weekend reading enjoyment…
Posted April 25, 2013 at 6:00 PM EST
As you may recall, the Oregon Legislature is considering a Bill (Senate Bill 120) that will revolutionize the state’s public pension system and spin out the Oregon Investment Council into the Oregon Investment Corporation. In this manner, SB120 seeks to transform the $80 billion public OIC into a quasi-governmental corporation and endow it with a mandate and governance structure to build a professional and sophisticated investment organization. And on March 11, 2013, Keith Larson, the Chair of the Oregon Investment Council, testified to the Senate Finance and Revenue Committee in Oregon and offered some really interesting thoughts on the reasons why this reform is necessary. Let’s listen in…
Posted April 25, 2013 at 5:45 PM EST
Here are today’s top stories: - Norway's NBIM may divest all its investments in oil companies working in Equatorial Guinea, noting that oil revenues in the country have done nothing to relieve poverty. - Khazanah is preparing a nifty convertible sukuk that will be exchangeable into shares of companies controlled by the Malay SWF. - Mubadala has picked up another big gas tract off the coast of Indonesia. - And there's lots more...
Posted April 24, 2013 at 6:00 PM EST
It's a busy day on the Avenue of Giants, so all I have time for today is... the news: - The KIA goes direct into NYC real estate. - ATP has another good quarter; that’s 17 in a row! - US pensions’ equity allocations moved from 44% to 52% in 2012; bond holdings dropped to 27%. - The NZSF sold 11 timber blocks to the China National Forest Products Trading Corporation. - And there’s lots more…
Posted April 23, 2013 at 6:01 PM EST
Senegal has a new sovereign wealth fund. Who knew? I didn’t learn of the West African country's new fund until yesterday when someone asked me, “Hey, how’s Senegal’s new SWF coming along?” To which I replied: [shoulder shrug]. But I now have answers, as I’ve gone digging around to figure out what’s going on...
Posted April 23, 2013 at 5:00 PM EST
Today’s top stories: - President Putin has given orders to use funds from the National Welfare Fund to fund infrastructure investments. - AIMCo's Leo de Bever reflects on some of the cool things we’re trying to do at Stanford. - India has tabled (for the Nth time) the idea of starting a new SWF to secure overseas resources. - Quote du Jour: "Time for private equity's own restructuring." - And lots more.
Posted April 22, 2013 at 6:00 PM EST
After a week of being on the road in some far flung places, I’m now home and catching up on… the news: - Dutch Giant APG has offered some insight into its three key areas of focus for the coming year. - At CERN’s pension fund, over half the assets are managed in house. - The original projections for North Dakota's Legacy Fund, which indicated it would reach $600 million by now, were way off. Instead, it's over a $1 billion! - Angola's new SWF missed its own deadline for publicly announcing its investment policy. - And there’s lots more…
Posted April 16, 2013 at 5:00 PM EST
This will be a slow week of posting, as I’m off the grid up in Alberta. (See photo.) I did however find some time this morning to get caught up on… the news: - CalPERS has finally allowed its asset managers to use derivatives. - Ireland's cabinet is meeting to discuss the launch of a new €6 billion ‘strategic investment fund’. - Israel's cabinet has OKed the country's new sovereign wealth fund. - And lots more…
Posted April 12, 2013 at 5:00 PM EST
Welcome to the weekend. I’ve got some news and then some research papers for your weekend reading enjoyment.