Biggest US Pension’s Investment Boss Pushed Sports Deals Before Calling It Quits

She desired innovation, she told the audience at its Sacramento headquarters. She wanted “stadium deals” and identified professional sports as a frontier for more investing.

The abrupt exit has created yet another leadership vacuum at an institution that is notoriously tough to manage, shining a light on the high wire that Calpers CIOs walk. They answer to an often-quarrelsome 13-member board – some of them elected and prone to airing differences in public – while navigating the sometimes-conflicting viewpoints of politicians and career staffers over how to provide for the retirement of the state’s public workers.

After cycling through a series of leaders, strategy shifts and a retreat from private equity in the decade after the financial crisis, the pension system’s portfolio is only 72% funded. Its next CIO will not only face intense pressure to restore the institution’s credibility and clout, but the cold math of hitting a 6.8% return target.

Musicco’s attempt to transform Calpers into a bolder dealmaker meant an adjustment for the roughly 400 employees in her investment shop. “They’re an underfunded pension and they keep doing the same thing; there’s desire for change,” Cole said. But if you allocate money to a team, “you’re hoping there’s a billionaire down the line that will give you a good exit,” he said. “It was one of the most baffling strategies that I’ve heard.”

Calpers did make some headway in doing private equity deals in ways that reduced fees during Musicco’s tenure. Its staff completed $3.9 billion in private equity co-investments, continuing their previous efforts. The pension fund also made a $300 million commitment to the venture capital firm Thrive Capital to help Calpers scale its venture-focused investments.

ประเทศไทย ข่าวล่าสุด, ประเทศไทย หัวข้อข่าว

Similar News:คุณยังสามารถอ่านข่าวที่คล้ายกันนี้ซึ่งเรารวบรวมจากแหล่งข่าวอื่น ๆ ได้

Biggest US Pension’s Investment Boss Pushed Sports Deals Before Calling It QuitsIn her first year atop the California Public Employees’ Retirement System as chief investment officer, Nicole Musicco gathered dozens of staff and laid out an ambitious vision for the largest US public pension fund.
แหล่ง: BNNBloomberg - 🏆 83. / 50 อ่านเพิ่มเติม »

Alibaba Unveils $2 Billion Turkey Investment in Erdogan Meeting(Bloomberg) -- Alibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan.Most Read from BloombergMGM Resorts Hackers Broke In After Tricking IT Service DeskHow Auto Executives Misread the UAW Ahead of Historic StrikeEurope Is Better Prepared If Trump Wins Again, Germany’s Baerbock SaysUS, Chinese Officials Meet in Malta in Bid to Keep Channels OpenHouse Republicans Prepare to Turn US Government Shutdown Into Immigration ClashThe
แหล่ง: YahooFinanceCA - 🏆 47. / 63 อ่านเพิ่มเติม »

IPhone Maker Foxconn Aims to Double India Investment, EmploymentApple Inc. partner Foxconn Technology Group plans to double its investment and employment in India, highlighting an accelerating manufacturing shift away from China as Washington-Beijing tensions grow.
แหล่ง: BNNBloomberg - 🏆 83. / 50 อ่านเพิ่มเติม »

Alibaba Unveils $2 Billion Turkey Investment in Erdogan MeetingAlibaba Group Holding Ltd. announced plans to invest $2 billion in Turkey after a meeting with President Recep Tayyip Erdogan.
แหล่ง: BNNBloomberg - 🏆 83. / 50 อ่านเพิ่มเติม »

SoftBank planning OpenAI investment: Financial TimesSoftBank (SFTBY, 9984.T) plans to take a step further into the world of artificial intelligence with a possible investment in OpenAI, according to a Financial Times report. The Japanese investment firm is looking to pivot its portfolio toward AI after the successful IPO launch of Arm Holdings (ARM), in which SoftBank is a majority stakeholder. Yahoo Finance Tech Editor Dan Howley breaks down SoftBank’s growing interest in AI investing sparked by Chairman-CEO Masayoshi Son.
แหล่ง: YahooFinanceCA - 🏆 47. / 63 อ่านเพิ่มเติม »