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 …

Investment Pros Discuss the Difficulties of Allocating to Private Credit

Panelists at Markets Group’s Sixth Annual Texas Institutional Forum in Austin, Texas, last week, delved deep into the topic of private debt as an asset class. They weighed in on the difficulties in benchmarking for the asset class, allocating to the asset class and everything in between. Moderator Sylvia Owens, a senior portfolio advisor at Aksia, …

Underfunded Plan Status, Poor Returns Go Hand in Hand: CRR Study

A study recently released by The Center for Retirement Research at Boston College, titled Stability in Overall Pension Plan Funding Masks a Growing Divide—which looks at the funding ratios of state and local pension plans around the country—finds that the pension plans that ranked lowest in terms of funding status also reported the lowest returns on their …

Community Foundation Doubles Up on Diverse Managers

The $13.5 billion Silicon Valley Community Foundation (SVCF) has more than doubled the number of diverse managers it has been using, since 2013, from three up to 14, Senior Vice President of Investments Bert Feuss told Institutional Allocator. “My hope is that other institutional investors, particularly university endowments and pensions, will see that greater asset …

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 …

IA Strategy: Eastern Illinois University Foundation Stays Faithful to Active Management

This week, IA spoke with Jim Schnorf, one of seven investment professionals and two ex-officio members who make up the investment committee of the Eastern Illinois University Foundation (the Foundation), about the trend towards endowments and foundations making larger equity allocations in their portfolios, the value of hiring an active manager, and the Foundation’s considerable allocation …

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 …

As AMs Ramp-up Tech, Institutions Must Clarify Their Needs

The investment data and transparency demands of some institutional investors, and their drive to reduce asset management costs, have had a “transformative” effect on technology development in the investment industry, since the financial crisis, according to investment consultants and tech-sector specialists. They caution, however, that to optimize how they adopt or use these new tools, institutions …

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 …