Institutional Newsletter Features

Lennar scoops up distressed loans from FDIC (Market Watch)

by on February 11, 2010

The home builder has positioned itself to benefit further from a real estate recovery through a distressed-land deal with the FDIC to purchase a 40% stake in bank loans with a combined unpaid balance of about $3 billion. Read more: Lennar scoops up distressed loans from FDIC (Market Watch)

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Lennar scoops up distressed loans from FDIC (Market Watch)

CalPERS project in Boston on verge of going bust (The Sacramento Bee)

by on February 11, 2010

Another high-profile CalPERS real estate investment is on the verge of going bust. Read more: CalPERS project in Boston on verge of going bust (The Sacramento Bee)

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CalPERS project in Boston on verge of going bust (The Sacramento Bee)

Buffett Takes on Chokepoint in Chicago With Burlington Northern (Bloomberg)

February 10, 2010

Feb. Original post: Buffett Takes on Chokepoint in Chicago With Burlington Northern (Bloomberg)

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Buffett Takes on Chokepoint in Chicago With Burlington Northern (BusinessWeek)

February 10, 2010

Warren Buffett and Bill Gates face a roadblock on the route toward payoff on their investment in U.S. freight transportation. Original post: Buffett Takes on Chokepoint in Chicago With Burlington Northern (BusinessWeek)

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Calpers,Others Pressure Hedge Funds For More Transparency « Hedge …

February 8, 2010

One of the U.S.’s largest and best-known investors wants more control over the hedge funds it uses. The California Public Employees’ Retirement System, better known as Calpers, the $200 billion retirement plan for the state’s employees, … Read more here: Calpers,Others Pressure Hedge Funds For More Transparency « Hedge …

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Hedge Fund Exchange: Calpers And Others Pressure Hedge Funds For …

February 8, 2010

By Jodi Xu for the DOW JONES NEWSWIRES, February 5, 2010 One of the US’s largest and best-known investors wants more control over the hedge funds it uses. The California Public Employees’ Retirement System, better known as Calpers, … Read more here: Hedge Fund Exchange: Calpers And Others Pressure Hedge Funds For …

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Regency Centers Reports Fourth Quarter Results (Business Wire via Yahoo! Finance)

February 3, 2010

JACKSONVILLE, Fla.—-Regency Centers Corporation announced today financial and operating results for the quarter and year ended December 31, 2009. Read more from the original source: Regency Centers Reports Fourth Quarter Results (Business Wire via Yahoo! Finance)

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Pension finance crisis about to hit most cities, counties (The Ridgecrest Daily Independent)

February 2, 2010

Ridgecrest, Calif. – Until now, the horrifying losses absorbed over the last two years by California¹s largest public employee pension plan were mostly bad news that didn¹t really affect anyone. View post: Pension finance crisis about to hit most cities, counties (The Ridgecrest Daily Independent)

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Anatomy of an implosion (The Montclair Times)

February 1, 2010

“We were at the top of the frenzy.” A $5.4 billion New York commercial real estate deal involving two huge apartment complexes — Stuyvesant Town and Peter Cooper Village — fell apart last week. See the rest here: Anatomy of an implosion (The Montclair Times)

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CalPERS Backs Shareowner Say On Pay

January 29, 2010

CalPERS has supported institutional investors in their call for shareowner say on pay The rest is here: CalPERS Backs Shareowner Say On Pay

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Viewpoints: El Dorado water utility mismanaged (The Sacramento Bee)

January 29, 2010

The El Dorado Irrigation District, a utility that serves 100,000 customers, finds itself facing a storm of protest over a proposed 35 percent rate hike. Yet the financial fiasco that district now confronts was not only foreseeable, it was predicted. Read more here: Viewpoints: El Dorado water utility mismanaged (The Sacramento Bee)

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Tuesday morning headlines (LA Observed)

January 26, 2010

Mark Lacter: Home prices are rising, consumer confidence improves, truckers banned from texting, and the latest on the Oscar race. Read the original here: Tuesday morning headlines (LA Observed)

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Mining Stuyvesant Town Disaster For Gold (Forbes)

January 25, 2010

Billionaires, REITs circle giant apartment complex. Original post: Mining Stuyvesant Town Disaster For Gold (Forbes)

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Speyers Throw In the Towel, Hand Stuy Town to Lenders (The New York Observer)

January 25, 2010

More than three years after it began, real estate giant Tishman Speyer’s ambitious and high-priced quest to control a chunk of the East Side of Manhattan has come to a close. Early Monday morning, Tishman Speyer and partner BlackRock issued a statement saying they intend to transfer control of the 11,200-unit Stuyvesant Town/Peter Cooper Village to their creditors. (The decision was first … The rest is here: Speyers Throw In the Towel, Hand Stuy Town to Lenders (The New York Observer)

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Speyers Throw In the Towel, Hand Stuy Town to Lenders (The New York Observer)

January 25, 2010

More than three years after it began, real estate giant Tishman Speyer’s ambitious and high-priced quest to control a chunk of the East Side of Manhattan has come to a close. Early Monday morning, Tishman Speyer and partner BlackRock issued a statement saying they intend to transfer control of the 11,200-unit Stuyvesant Town/Peter Cooper Village to their creditors. (The decision was first … The rest is here: Speyers Throw In the Towel, Hand Stuy Town to Lenders (The New York Observer)

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Tishman Walks on Stuy Town

January 25, 2010

Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. View original post here: Tishman Walks on Stuy Town

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Tishman Walks on Stuy Town

January 25, 2010

Tishman Speyer and company has decided to throw in the towel on Stuyvesant Town. This comes as little surprise as they were so far under water on the deal that it would be rather meaningless for lenders to keep them in the deal. View original post here: Tishman Walks on Stuy Town

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Public Pension Fund Returns Highly Suspect (Forbes)

January 20, 2010

Managers have interest in falsifying returns. Continued here: Public Pension Fund Returns Highly Suspect (Forbes)

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Public Pensions, Managers Falsify Investment Returns (Forbes)

January 20, 2010

Fraud gives inflated view of many assets performances. Here is the original post: Public Pensions, Managers Falsify Investment Returns (Forbes)

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CalPERS’ investments underperform in 2009 (Los Angeles Times)

January 19, 2010

The retirement system’s portfolio earned only 11.8% in returns, trailing its internal benchmark of 21.2%, as its real estate holdings plummeted. See the original post: CalPERS’ investments underperform in 2009 (Los Angeles Times)

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CalPERS finds ‘governance’ begins at home « Calpensions

January 18, 2010

In the disclosures released by CalPERS last October, the biggest single fee was $13.2 million, part of a total of $42 million in fees paid to Villalobos by Leon Black’s Apollo private equity fund , which has staff marketers and is partly … Read more: CalPERS finds 'governance' begins at home « Calpensions

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Firms large and small cashed in on CalPERS deals (Los Angeles Times)

January 14, 2010

Placement agents seeking pension fund investments for their clients ranged in size from Wall Street heavyweights to smaller independent firms, documents show. The obscure intermediaries that were paid millions of dollars to win investment business from the California Public Employees’ Retirement System ranged from Wall Street heavyweights to small independent firms. The rest is here: Firms large and small cashed in on CalPERS deals (Los Angeles Times)

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Calpers Says Middlemen Received at Least $125 Million (Update4) (Bloomberg)

January 14, 2010

Jan. Originally posted here: Calpers Says Middlemen Received at Least $125 Million (Update4) (Bloomberg)

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UPDATE 2-Firms paid $125 mln in fees for Calpers business

January 14, 2010

SAN FRANCISCO/NEW YORK, Jan 14 (Reuters) – Investment firms paid placement agents more than $125 million in fees to win business at Calpers, including nearly $59 million to a firm led by a former board member of the pension fund, Calpers said on Thursday. Here is the original: UPDATE 2-Firms paid $125 mln in fees for Calpers business Reuters 2009 Institutional Partners News Headlines Feeds Private Equity www.institutionalpartners.com

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Calpers Says Middlemen Received at Least $125 Million (Update3) (Bloomberg)

January 14, 2010

Jan. 14 (Bloomberg) — The California Public Employees’ Retirement System , the largest U.S. public pension, said private investment firms paid at least $125 million to placement agents for help winning contracts to manage the fund’s money. Original post: Calpers Says Middlemen Received at Least $125 Million (Update3) (Bloomberg)

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Calpers Says Middlemen Received at Least $125 Million (Update2) (Bloomberg)

January 14, 2010

Jan. 14 (Bloomberg) — The California Public Employees’ Retirement System , the largest U.S. public pension, said that private investment firms paid at least $125 million to placement agents for help winning contracts to manage the fund’s money. See the original post here: Calpers Says Middlemen Received at Least $125 Million (Update2) (Bloomberg)

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Middlemen earn huge fees from CalPERS (The Sacramento Bee)

January 14, 2010

CalPERS investment deals generated a total of $125.1 million in commissions for the most successful placement agents, the controversial middlemen at the heart of an influence-peddling scandal at the big pension fund. Read the original here: Middlemen earn huge fees from CalPERS (The Sacramento Bee)

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The Financial-Crisis Hearings Begin (Time Magazine)

January 13, 2010

Anyway, I’m not going to give a play-by-play, but I’m already thinking this commission was a really good idea. Read the original: The Financial-Crisis Hearings Begin (Time Magazine)

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URDANG Fund and Moore & Associates Acquire Silver Spring Office Complex (PR Newswire via Yahoo! Finance)

January 12, 2010

An investment fund managed by URDANG, the real estate investment manager and part of BNY Mellon Asset Management, has acquired the 500,000 square-foot Station Square office complex in Silver Spring, Maryland, in a joint venture with developer Moore & Associates. Â URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P., a private real estate fund managed by Urdang … Read the original here: URDANG Fund and Moore & Associates Acquire Silver Spring Office Complex (PR Newswire via Yahoo! Finance)

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CalPERS partner misses debt payment on N.Y. apartments (The Sacramento Bee)

January 9, 2010

Further jeopardizing a big CalPERS investment, the partnership in control of a New York apartment complex missed a debt payment Friday. The rest is here: CalPERS partner misses debt payment on N.Y. apartments (The Sacramento Bee)

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CalPERS partner misses debt payment on N.Y. apartments (The …

January 9, 2010

Further jeopardizing a big CalPERS investment, the partnership in control of a New York apartment complex missed a debt payment Friday. The rest is here: CalPERS partner misses debt payment on NY apartments (The Sacramento Bee) Original post: CalPERS partner misses debt payment on N.Y. apartments (The …

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Leave troubled building, Board of Equalization chief urges (The Sacramento Bee)

January 9, 2010

Fed up with years of leaks, floods, falling windows, rampant mold and now free-falling elevators at its Sacramento headquarters, the head of the Board of Equalization says his 2,900 employees need to get the heck out of the 24- story money pit. Read the original here: Leave troubled building, Board of Equalization chief urges (The Sacramento Bee)

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The California exodus (Santa Maria Sun)

January 7, 2010

Running a county seems like it would be one of the best jobs around. If you’re one of the lucky 58 Californians who have this job, you get to run vast chunks of the state, control millions of dollars, and operate a multitude of helpful government programs. Go here to read the rest: The California exodus (Santa Maria Sun)

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CalPERS adds to management team

January 6, 2010

US public pension fund and major private equity investor CalPERS has announced the outcome of a board election, with unofficial results showing the re-election of Kurato Shimada (pictured) and the addition of Joseph Jelincic as members … Read more from the original source: CalPERS adds to management team

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Top 5 Holiday Week Stories: KOIN Center sells for steep discount (The Oregonian)

January 4, 2010

FRONT PORCH BLOG: Also in Monday’s Top 5 Holiday Week real estate stories: Case-Shiller: Portland home prices rise .3% in October / Portland office market ranks No. 4 nationally in five-year outlook / Wall Street Journal’s five housing issues for 2010 / Has U.S. foreclosure aid added to housing woes See more here: Top 5 Holiday Week Stories: KOIN Center sells for steep discount (The Oregonian)

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Turning over a new leaf (Business Standard India)

January 3, 2010

Private equity: The private equity industry was challenged in 2009. The rest is here: Turning over a new leaf (Business Standard India)

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Stocks/dividends (Business Standard India)

January 3, 2010

: For the first time in modern stock market history, investors in U.S. Read more: Stocks/dividends (Business Standard India)

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Top 10 News Stories of 2009:Homeless at forefront (Laguna Beach Coastline Pilot)

December 31, 2009

1 City agonized over homelessnessCity agonized over homelessness More: Top 10 News Stories of 2009:Homeless at forefront (Laguna Beach Coastline Pilot)

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Risk Manager (Forbes)

December 31, 2009

Caught in the cross fire between Main Street and Washington, BlackRock’s Larry Fink must protect his profits and his firm’s reputation. Go here to see the original: Risk Manager (Forbes)

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CalPERS Hedge Fund Ethics | Team Hedge Fund

December 30, 2009

CalPERS Hedge Fund Ethics CalPERS Tightens Ethics Following Probe into Hedge Funds 2009 has been a year for reviewing ethics policies and reexamining internal. Go here to see the original: CalPERS Hedge Fund Ethics | Team Hedge Fund

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Oregon office tower dumped by CalPERS finds a buyer (The Sacramento Bee)

December 30, 2009

In another setback for CalPERS’ real estate portfolio, a $108 million Oregon office tower lost by the California pension fund has been sold. See the rest here: Oregon office tower dumped by CalPERS finds a buyer (The Sacramento Bee)

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Pensions: A State Crisis to Look Forward To (KCET Los Angeles)

December 30, 2009

California local governments may be seeing a large increase in their pension contributions to keep CalPERS afloat next year, and the long-term costs of government employee pensions are even grimmer. A column from the Ventura County Star has some of the depressing details : CalPERS has warned state, city and county governments their annual pension contributions could increase by nearly one-third … The rest is here: Pensions: A State Crisis to Look Forward To (KCET Los Angeles)

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Home Front: A CalPERS real estate loss (The Sacramento Bee)

December 30, 2009

A $108 million Oregon office building that CalPERS lost to foreclosure has been sold. Read more here: Home Front: A CalPERS real estate loss (The Sacramento Bee)

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CalPERS Hedge Fund Ethics

December 30, 2009

America’s largest pension fund is tightening its ethics rules following a minor scandal involving two hedge fund advisers. Read more from the original source: CalPERS Hedge Fund Ethics

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Pension crisis about to hit cities and counties (Ventura County Star)

December 29, 2009

Until now, the horrifying losses absorbed over the last two years by California’s largest public employee pension plan were mostly bad news that didn’t really affect anyone.Here, for example, is what the California Public Employees’ Retirement System, better known as CalPERS, told its retired members early in the fall of 2008, when it had lost more than $70 billion on its investments so far that … More here: Pension crisis about to hit cities and counties (Ventura County Star)

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Portland investment firm buys KOIN Center (The Oregonian)

December 29, 2009

American Pacific International Capital, Inc., previously focused on deals in China, buys 19 floors of the 30-floor building after its owner, CalPERS, defaults on its loan. Go here to read the rest: Portland investment firm buys KOIN Center (The Oregonian)

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CalPERS toughens ethics rules for board

December 29, 2009

CalPERS toughens ethics rules for board The rest is here: CalPERS toughens ethics rules for board

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$30M For Circque De Soleil

December 29, 2009

The LA Times has an article out discussing the CIM Group and the investments and loans it has attracted. Locally, CIM has been a fairly active player in the region over the past few years Excerpt from: $30M For Circque De Soleil

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Tishman’s $5.4 Billion Boomerang Gives Speyer Lesson (Update3) (Bloomberg)

December 21, 2009

Dec. 21 (Bloomberg) — Rob Speyer showed little interest in his family’s real estate business until his father began talking about buying Manhattan’s Rockefeller Center. Read the rest here: Tishman’s $5.4 Billion Boomerang Gives Speyer Lesson (Update3) (Bloomberg)

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How the Stuy Deal Went Down…and Down…and Down (New York Times)

December 21, 2009

Jerry I. Go here to see the original: How the Stuy Deal Went Down…and Down…and Down (New York Times)

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