IA Strategy: New York Common Retirement Fund Delves into the Complexities of Investing in Private Debt

Reginald D. Tucker, senior investment officer of opportunistic investments and absolute return strategies at the New York Common Retirement Fund (NYCRF) spoke with IA about the fund’s allocation to private debt, a fairly new asset class for the fund. Tucker gave details about the breakdown of the asset type in the fund’s opportunistic portfolio, the returns it …

New Mexico CIOs Address Their Biggest Concerns

At its Southwest Institutional Forum in Santa Fe, N.M. on September 20, Markets Group gathered together three New Mexico-based institutional investors to discuss a variety of investment-related topics. They included Bob Jacksha, chief investment officer, New Mexico Educational Retirement System, which administers $13 billion; Robert “Vince” Smith, chief investment officer, New Mexico State Investment Council, …

New Mexico Funds Fashion Private Debt Benchmarks that Fit

Finding effective benchmark measures for private debt has proven challenging to even the most nimble-minded institutional investment practitioners. Nevertheless, some chief investment officers and portfolio managers at pension funds and endowments are coming up with their own ways to solve, at least in-part, this diverse asset class’s benchmarking issues. IA’s Managing Editor Leslie Kramer spoke with …

Consultants Grapple with Private Debt Benchmarking

Private credit, a relatively new asset class, offers investors a large, multi-asset class that encompasses a variety of niche strategies. While the term “private debt” is not well defined by the industry, “We estimate the size of the U.S. middle market at around $400 billion, and adding distressed would bring that number much higher,” said  Stephen …

With Private Credit Strategy Benchmarks Proving Inapt, Researchers Say LLI May be Best Bet

Many consultants and investors face a conundrum when trying to formulate a performance benchmark for private credit.  There are a variety of product types within the asset class, making it hard to evaluate them all under one roof. Researchers also point to the evolving nature of the asset class, which includes a relatively small number of …

Inadequate Deal Structures Said to be Slowing Pensions’ Entrée to Impact Investing

Impact investing has piqued the interest of many forward-thinking pension funds, as a way to contribute to positive environmental and social change while also reaping significant returns.  But a lack of appropriately structured and sized investment vehicles may be holding many of them back from doing so. “One reason why impact investing has not drawn more …

E&F’s Moving to Make Investments More Impactful

Environmental, Social & Governance (ESG) investing is all the rage in the institutional investor community. Increasingly, pension funds, endowments and foundations (E&Fs) and asset managers are demanding that the companies in which they invest start implementing ESG guidelines and policies, from the board level to management and all the way down to supply chain operations. …

NYC Pension Funds’ Push for Board Diversity Yields Impressive Results

The New York City Pension Funds’ (NYC Funds) “Boardroom Accountability Project 2.0” (BAP 2.0), an initiative that pushes for electing more diverse directors on the boards of public companies, has achieved engagement with over 85 of the 151 U.S. companies it has targeted, since the inception of the campaign. Over 35 of those companies are …

Prudent PE Investors Itching to Jump on Better Pricing

The news that private equity investment in the U.S. fell by almost 50% to $41 billion in the second quarter, compared to investments totaling $80 billion in Q2 2017, may have startled some market observers, who had watched the segment hit record heights in 2017. But keen observers remain unfazed, confident that investors will soon be …

Investors are Missing Out on EM Infrastructure

There are many reasons North American investors are taking a pass on buying emerging market infrastructure: compliance, due diligence, unfamiliarity with those markets, to name three. But is their caution warranted, or are attractive opportunities being missed?  Kamal Suppal, chief investment auditor at Emerging Markets Alternatives, an investment auditor, and former senior research consultant at …