Asset Owner Profile: David Holmgren, CIO of Hartford Healthcare

David Holmgren, CIO of Hartford HealthCare, a hospital fund with $3.3 billion in assets under management, paid a visit to Markets Group’s New York City headquarters just prior to the Thanksgiving break and chatted with Institutional Allocator Reporter Kaitlyn Mitchell. Holmgren opined on the passive versus active debate, international politics and his work-life-balance as a …

Single-Digit Level Returns for Developed Equities in 2019: Cambridge Predicts

Analysts, consultants and asset managers have all been weighing in with their 2019 investment outlooks, forecasts and reports. Many are emphasizing the geopolitical and macro-economic risks that are bearing down on the market. Cambridge Associates shares those concerns. “But we also look at fundamentals and valuations, and the picture there is a little less gloomy …

IA Strategy: Univ. of Utah Endowment Eyeing “Specialty” Investments

The $1.1 billion University of Utah endowment is currently talking to several “specialty investment” managers with an eye toward investing in the niche asset class in 2019. “Based on our research, some of the attractive non-correlated strategies we’ve identified are: litigation finance, life settlements, and oil and gas royalties,” said Mark Waite, director of endowment …

Texas TRS CIO Sheds Light on Private Equity Progress and Staffing Goals

The Teachers Retirement System of Texas (TRS) with $153 billion in assets under management, unveiled the latest updates to its “Fleet” strategy—a term the system uses to describe its strategy of consolidating funds and its addition of staff, in order to save on fees over time—at its Board meeting last week. The idea behind the …

Asset Owner Spotlight: Robert “Vince” Smith, CIO, New Mexico State Investment Council

Institutional Allocator Managing Editor Leslie Kramer spoke recently with Robert “Vince” Smith, chief investment officer of the New Mexico State Investment Council (NMSIC), a sovereign wealth fund, based in Santa Fe, NM, with a $24 billion permanent endowment.  Smith shared his career trajectory leading to his current job, his passion for his work, the Council’s …

Texas ERS, PAAMCO Begin Building Applicant Pipeline for HF Seeding Platform

An innovative joint-venture, emerging hedge fund seeding and support platform launched by the approximately $28.5 billion Employees Retirement System of Texas (ERS) and Pacific Alternative Asset Management Company (PAAMCO) during the summer, has whittled a field of hundreds of emerging firms vying to participate in the platform down to an initial “pipeline” of 35 firms, …

IA Strategy: Hartford HealthCare Stays Conservative, with Sprinkling of Alts

Conservative investments paired with choice alternatives have sustained not-for profit Hartford HealthCare’s $3.3 billion hospital fund through market swings over the past eight years, according to Chief Investment Officer David Holmgren. The endowment currently invests around 10% of its portfolio in private equity (PE), while its direct peers invest roughly 30% in the asset class, Holmgren told Institutional Allocator. “We …

IA Strategy: Ford Foundation Embraces Affordable Housing, Financial Services

The Mission Related Investment fund at the $13 billion Ford Foundation is seeking investments that support the preservation of affordable housing in the U.S. and expanded access to vital financial services to low-income households in the Global South. According to Christine Looney, deputy director of mission investments, investments in these sectors will be administered through the Foundation’s $1 billion …

MOSERS Seeks Consultant for Illiquid Alternatives

The $8.5 billion Missouri State Employees’ Retirement System (MOSERS) has issued a request for proposals seeking a specialty consultant for illiquid alternatives. The system’s current allocation to illiquid alternatives is approximately 25% of assets, or about $2 billion, according to MOSERS’ CIO Seth Kelly. MOSERS hired a Board Investment Consultant, Verus, to fill the general …

Arizona PSPRS Rejects Active Management of U.S. Public Equities

When investing in U.S. equities, index funds are the way to go, according to Bill Thatcher, portfolio manager, equities and private credit, at the $10 billion Arizona Public Safety Personnel Retirement (AZ PSPR). He says he’s done the research to prove it. Thatcher will publish his research on the active versus passive question, which touts his …