Investment Manager Directory

The investment manager directory is a comprehensive list of the investment managers hired by the State Investment Commission. The directory provides background on each manager, including how much money the SIC has invested, when the SIC invested with the manager, and a description of the asset class and approach.

The Expense tab lists annual expense reports which includes both direct and indirect fees paid to each manager.

Download the entire manager database as either a .CSV file or .JSON

 

State Street Global Advisors (SSgA)

Founded in 1978 as the asset management division of State Street Corporation, SSgA provides institutional investment management services. In 1995, all of State Street's investment management services were reorganized as SSgA, headquartered in Boston, MA. At the time of investment, the division employed more than 2,000 people globally in 17 countries, with nine investment centers across the Americas, Europe and Asia.

Website: http://www.ssga.com/

Investment Approach Initial Investment Role in the Portfolio
These passive funds seek investment returns that approximate as closely as practical the performance of the target indexes, all of which are weighted based on market capitalization. The MSCI Canada fund is composed of Canadian common stocks. The MSCI EAFE fund consists of developed-market common stocks across Europe, Australasia and the Far East. The MSCI Emerging Markets fund is composed of common stocks from emerging markets across Asia, Europe, Latin America, and Africa. The Russell 3000 fund consists of large-, mid- and small-capitalization common stocks in the U.S. equity market.
  • $1,636,329,331 investment to the Russell 3000 Index NL Fund in September 2012.
  • $98,364,000 investment to the MSCI Canada Index NL Fund in August 2012.
  • $804,223,000 investment to the MSCI EAFE Index NL Fund in August 2012.
  • $275,205,800 to the MSCI Emerging Markets Index NL Fund in August 2012.
This investment is part of ERSRI policy allocation of 38% to public equities.

 

MacKay Shields

A registered investment adviser since 1969, MacKay was founded in 1938 as an economic consulting firm by Gilbert MacKay. In 1984, MacKay was purchased by New York Life Insurance Company. The firm is headquartered in New York, NY with other offices in Princeton, NJ and London. At time of investment, MacKay had more than 50 investment professionals.

Website: https://www.mackayshields.com/

Investment Approach Initial Investment Role in the Portfolio
Portfolio seeks to outperform the Barclays Capital Aggregate Bond Index by investing in a full spectrum of U.S. dollar-denominated investment-grade securities, focusing primarily on U.S. government and U.S. agency securities. MacKay looks to accomplish by: 1) quantifying the downside risk and 2) quantifying the upside potential of every holding. The investment process is dominated by bottom-up security selection complemented by top-down macroeconomic analysis, which seeks to identify weak points in the economic cycle when it is prudent to avoid vulnerable cyclical industries and weaker credits. $545,847,601 to core fixed income strategy in November 2012 The investment is part of ERSRI policy allocation of 15% to core fixed income.

 

Pyramis Global Advisors

Founded in 1946, Fidelity Management and Research (FMR) offers a wide suite of investment products and services to individuals and institutions. In 2005 FMR established Pyramis as a separate business unit to focus on institutional clients, headquartered in Smithfield, RI. At the time of investment, Pyramis employed 920 people, including 136 investment professionals dedicated to supporting Pyramis' institutional equity platform. Pyramis' investment grade fixed income institutional strategies are managed within FMR's Fixed Income Division, which had 175 dedicated investment professionals at the time of investment.

Website: https://pyramis.fidelity.com/

Investment Approach Initial Investment Role in the Portfolio
Pyramis seeks to outperform the Barclays Capital Aggregate Bond Index by investing in a full spectrum of U.S.-dollar-denominated, investment-grade securities, focusing primarily on U.S. government and U.S. agency securities. An integral part of the strategy is intensive risk management with a focus on high quality and low tracking error. The investment process emphasizes sector allocation and individual security selection, while keeping duration (interest rate risk) in ine with the index. $548,689,545 to core fixed income strategy in October 2012 The investment is part of ERSRI policy allocation of 15% to core fixed income.

 

Pacific Investment Management Company (PIMCO)

PIMCO was founded in Newport Beach, CA in 1971. In 2000, PIMCO was acquired by Allianz SE, a large global financial services company based in Germany. PIMCO operates as a separate and autonomous subsidiary of Allianz. The subsidiary has 13 offices globally, with five in Europe, four in Asia-Pacific and four in the Americas. At the time of investment, the subsidiary had 2,343 employees, including 690 investment professionals.

Website: http://www.pimco.com

Investment Approach Initial Investment Role in the Portfolio
The portfolio invests primarily in non-investment-grade bank loans and short-duration high-yield securities. PIMCO puts top priority on identifying and avoiding credits with weakening fundamentals to avoid the downside risk in credit. The manager seeks to balance yield spread and price against a goal of preserving principal. PIMCO puts a particular emphasis on investing in securities with high asset coverage and attractive credit fundamentals. $200,000,000 to bank loans/short-duration high yield strategy in May 2013 This investment is part of ERSRI policy allocation of 5% to credit.

 

Western Asset Management Company (WAMCO)

WAMCO was founded in 1971 by United California Bank, and became an SEC-registered investment advisor in December that year. In 1986, Western Asset was acquired by Legg Mason, where it remains an independent affiliate. WAMCO operates as an autonomous investment management company headquartered in Pasadena, CA, and with offices in eight countries. At the time of investment, Western Asset had 865 employees, including 126 investment professionals.

Website: http://www.westernasset.com

Investment Approach Initial Investment Role in the Portfolio
This portfolio invests primarily in non-investment-grade bank loans and short-duration high-yield securities. WAMCO utilizes an active management style rotating among rating categories, industries and issuers depending on the team's view on relative value. The team seeks to integrate superior fundamental credit research with accurate relative-value analysis to generate relative outperformance over a market cycle, while applying proper risk controls. $200,000,000 to bank loans/short-duration high yield strategy in April 2013 The investment is part of ERSRI policy allocation of 5% to credit.

 

Brown Brothers Harriman & Co (BBH)

Established in Philadelphia, PA in 1818, BBH has transitioned from its roots in merchant banking to a global financial services firm, specializing in investment management, private banking and investor services. BBH remains a private partnership and is 100% owned and managed by its general partners who are collectively and individually responsible for the firm's policies and management. The firm has 18 offices globally. At the time of investment, the firm had 2,779 employees, including 352 in its investment management division.

Website: http://www.bbh.com

Investment Approach Initial Investment Role in the Portfolio
The portfolio consists primarily of inflation-linked securities issued by the U.S. Treasury, known as TIPS. BBH uses active investment management and the strategic application of risk control to achieve returns, emphasizing fundamental bottom-up analysis within clearly defined risk parameters. The strategy seeks to identify pricing inefficiencies, quantifying risks and optimizing portfolio structures within the inflation-indexed securities market. $437,511,701 to inflation-linked bond strategy in June 2004 The investment is part of ERSRI policy allocation of 4% to inflation-linked bonds.

 

Advent International Corporation

Headquartered in Boston, MA, Advent was founded in 1984. At the time of investment, Advent had 160 investment professionals across 17 regional offices located in 16 countries.

Website: http://www.adventinternational.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in companies that have the potential to grow and improve operations. Transactions will typically take the form of leveraged buyouts as well as minority recapitalizations. Advent acquires businesses from corporate parents, through privatization processes, and from private owners. The fund is differentiated by its origination process, which involves industry experts and extensive, outbound research, as well as by the team's ability to improve company operations. $20,000,000 commitment to Advent GPE Fund VII in 2012 This investment is part of ERSRI policy allocation of 7% to private equity.

 

CapitalSpring Investment Partners

CapitalSpring is a specialized alternative asset manager focused on lending and investing in the franchise sector. The firm was founded in 2005 and is headquartered in New York, NY.

Website: http://www.capitalspring.com/

Investment Approach Initial Investment Role in the Portfolio
CapitalSpring focuses on branded quick service and fast casual franchise restaurants. CapitalSpring primarily provides capital in the form of high-yielding senior secured debt, subordinated debt, preferred equity, and to a lesser extent, non-current-pay preferred/common equity investments, to borrowers with financing needs that exceed a conventional low-priced first lien bank loan. $30,000,000 commitment to Capital Spring Investment Partners Fund V, LP in 2016 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Baring Private Equity Asia

The manager was founded in 1997. At the time of investment, the firm had 100 employees. The firm's 51 investment professionals are organized by geography and are based in seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Tokyo and Jakarta.

Website: http://www.bpeasia.com/

Investment Approach Initial Investment Role in the Portfolio
The fund is targeting investment opportunities based primarily in China, Japan, Korea, India and Southeast Asia. Although there are no specific geographic diversification targets, China investments will likely comprise 40% of the fund, and cross-border / regional investments will comprise 20% to 25%. Investments in other geographies will be based on the attractiveness of the available opportunities. Baring Asia is agnostic in terms of industry sector; however, the team will emphasize sectors such as consumer, education, food & agriculture, healthcare, and other sectors in which it has developed internal expertise. $17,000,000 commitment to Baring Asia Private Equity Fund VI in 2014 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Braemar Energy Ventures

The manager was founded in 2001 and has offices in New York, NY, Boston, MA, and London. At the time of investment, the firm was managed by a five-person partner group, including three managing partners.

Website: http://www.braemarenergy.com/

Investment Approach Initial Investment Role in the Portfolio
The fund primarily targets early-stage, energy technology opportunities in companies that have developed a product, but have not yet or are in the early stages of revenue generation. Initial investments in these early-stage companies will require no more than $5 million. The fund will selectively invest in later-stage energy technology investments where the team sees a strong product or technology. $10,000,000 commitment to Braemar Energy Ventures Fund in 2011 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Centerbridge Partners

The manager was formed in October 2005 and is headquartered in New York, NY. At the time of the last investment, the team consisted of 63 investment professionals with expertise in credit and private equity investing.

Website: http://www.centerbridge.com/

Investment Approach Initial Investment Role in the Portfolio
The Capital Partners funds opportunistically make control-oriented debt and equity investments. The manager will generally invest in debt securities with a view towards gaining a control. Equity investments will consist of control-oriented positions in both middle-market and large-market companies. The Special Credit Partners fund primarily invests in non-control debt positions in distressed or undervalued credits. Both funds invest in the U.S. and Europe.
  • $15,000,000 commitment to Centerbridge Capital Partners in 2006
  • $25,000,000 commitment to Centerbridge Special Credit Partners II in 2012
  • $25,000,000 commitment to Centerbridge Capital Partners III in 2014
This investment is part of ERSRI policy allocation of 7% to private equity.

 

CVC Capital Partners

The firm was founded in 1993 and started investing its first fund in 1996. The firm has 22 offices globally, with 12 offices in Europe, eight offices in Asia and two offices in the US. At the time of the investment, the firm had 282 employees, including 165 investment professionals.

Website: http://www.cvc.com/

Investment Approach Initial Investment Role in the Portfolio
The funds acquire performing companies that typically have an enterprise value of €1 billion to €2 billion and seek to increase the initial values through geographic expansion, increased efficiency, financial and strategic initiatives, and add-on acquisitions. The funds primarily make control-oriented investments in Western Europe.
  • $20,000,000 commitment to CVC European Equity Partners III in 2001
  • €16,500,000 commitment to CVC European Equity Partners IV in 2005
  • €20,000,000 commitment to CVC European Equity Partners V in 2008
  • €15,000,000 commitment to CVC Capital Partners VI in 2014
This investment is part of ERSRI policy allocation of 7% to private equity.

 

EnCap Investments

The manager was formed in 1988 and has offices in Houston, TX and Dallas, TX. At the time of the last investment, the firm had 29 investment professionals.

Website: http://www.encapinvestments.com

Investment Approach Initial Investment Role in the Portfolio
The fund seeks equity and equity-related investments in growing, independent oil and gas companies. Investments will be made predominantly in companies whose underlying assets are oil and gas reserves.
  • $18,000,000 commitment to EnCap Energy Capital Fund IX in 2012
  • $30,000,000 commitment to EnCap Energy Capital Fund X in 2015
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Garrison Investment Group

The manager was formed in 2007 and is headquartered in New York, NY. At the time of investment, the firm had 75 employees, including 45 investment professionals.

Website: http://www.garrisoninv.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's strategy is to pursue middle-market credit and asset-based investments in stressed, distressed or undervalued private credit assets. These investments will include commercial and industrial loans, consumer credits, and credits backed by certain tangible assets such as real estate. $30,000,000 commitment to Garrison Opportunity Fund IV in 2015 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Industry Ventures

Formed in 2000, the firm is headquartered in San Francisco, CA with an office in Alexandria, VA. At the time of investment, the firm had 18 employees, including 11 investment professionals.

Website: http://www.industryventures.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's strategy is to invest in early-stage venture capital with a focus on small funds targeting a net annualized return to limited partners of 20%-25%. The Fund will complement a 40% target allocation to primary commitments with a 40% target allocation to secondary investments and a 20% target allocation to co-investments. The “C” fund will make co-investments, at reduced fees, in larger opportunities alongside the main fund.
  • $25,000,000 commitment to Industry Ventures Partnership Holdings III in 2014
  • $15,000,000 commitment to Industry Ventures Partnership Holdings III-C in 2015
  • $10,000,000 commitment to Industry Ventures Partnership Holdings IV in January, 2016
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Nautic Partners

Headquartered in Providence, RI, Nautic was formed as a fully independent private equity firm in 2000. At the time of the last investment, investment Nautic had 16 investment professionals, including eight managing directors.

Website: http://nautic.com/

Investment Approach Initial Investment Role in the Portfolio
The fund seeks equity and equity-related investments in small-and middle-market companies based in North America. The manager works with company management teams to grow these companies post-investment. The fund targets investments in business services, healthcare and manufacturing.
  • $20,000,000 commitment to Nautic Partners V in 2000
  • $20,000,000 commitment to Nautic Partners VI in 2007
  • $20,000,000 commitment to Nautic Partners VII in 2014
  • $20,000,000 commitment to Nautic Partners VIII in December 2015
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Nordic Capital Limited

The manager was established in 1989 and has investment advisory offices in Stockholm, Oslo, Copenhagen, Helsinki, Frankfurt and London, and fund management offices in Jersey and Luxembourg. At the time of the last investment, the firm had 57 investment professionals.

Website: http://www.nordiccapital.com

Investment Approach Initial Investment Role in the Portfolio
Nordic Capital pursues control buyouts in middle-market companies across industries in the Nordic region and Germany, and in healthcare companies globally. Healthcare investments have been a significant share of the invested capital with roughly 40% of capital invested to date. Transactions will take the form of leveraged buyouts, public-to-private deals, and corporate divestitures.
  • €15,000,000 commitment to Nordic Capital Fund V in 2003
  • €15,000,000 commitment to Nordic Capital Fund VI in 2006
  • €15,000,000 commitment to Nordic Capital Fund VII in 2008
  • €15,000,000 commitment to Nordic Capital Fund VIII in 2013
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Oaktree Capital Management

The manager was founded in 1995. Oaktree is headquartered in Los Angeles, CA and has offices around the globe. At the time of the investment, the firm had 609 employees, including 199 investment professionals.

Website: http://www.oaktreecapital.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's strategy is to pursue control-oriented investments in financially or operationally distressed, middle-market companies in Europe. The manager primarily focuses on debt-for-control transactions and special situation investments, which may include acquisitions from distressed sellers, partnering with experienced management teams to pursue a distressed industry, and real estate investments. The fund focuses on companies where there are identifiable strategic initiatives that can be implemented by the operations team. Strategic initiatives may include industry consolidation through add-on acquisitions, overhead reductions, and significant changes to senior management. $20,000,000 commitment to OCM European Principal Fund III in 2011. This investment is part of ERSRI policy allocation of 7% to private equity.

 

Paine & Partners

The firm was founded in 2007 and is headquartered in New York, NY with two additional offices in Chicago, IL and San Mateo, CA. At the time of investment, the firm consisted of 22 investment, operations, and finance professionals.

Website: http://www.painepartners.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in businesses providing products and services to the global food and agribusiness sector. The fund expects primarily to make control acquisitions of established businesses that require financial and strategic support to achieve their growth potential. The manager utilizes a thesis-driven approach and extensive industry expertise to execute a value-oriented, disciplined strategy to address complexity within the food and agribusiness sector. To maximize value, the fund can also employ a buy-and-build strategy where it creates a platform entity and acquires multiple companies to create differentiated and larger businesses. $30,000,000 commitment to Paine & Partners IV in 2014 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Tenex Capital Management

Tenex Capital Management, an operational turnaround private equity manager, was founded in 2010 and is headquartered in New York, NY.

Website: http://www.tenexcm.com/

Investment Approach Initial Investment Role in the Portfolio
Tenex will make control investments in underperforming middle-market companies in the US and Canada. Tenex targets companies that possess significant room for material near-term improvements in operations. Once a company is acquired, Tenex deploys its operational capabilities to return the company to a level of performance consistent with industry averages. $30,000,000 commitment to Tenex Capital Partners II, LP in January 2016 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Point Judith Capital Partners

The manager was formed in 2001 and is headquartered in Boston, MA. It targets venture investments in early-stage companies in the information technology and healthcare sectors within the U.S.

Website: http://pointjudithcapital.com/

Investment Approach Initial Investment Role in the Portfolio
The funds strategy is to take an active approach to investing and to build collaborative relationships with portfolio company teams. Typically investing $500,000 to $3 million in a first round of financing, the fund reserves additional capital for subsequent financing rounds as companies prove themselves. $5,000,000 commitment to Point Judith Venture II in 2007 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Providence Equity Partners

The manager was founded in 1989. At the time of the last investment, the firm had 125 investment professionals. The firm is headquartered in Providence, RI with offices in New York, NY, London, Hong Kong, New Delhi, and Singapore.

Website: http://www.provequity.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will make control-oriented and minority growth-equity investments in North America, Europe and Asia. The manager pursues investments in media, entertainment, communications, and information services sectors.
  • $15,000,000 commitment to Providence Equity Partners III in 1999
  • $25,000,000 commitment to Providence Equity Partners IV in 2000
  • $25,000,000 commitment to Providence Equity Partners V in 2005
  • $25,000,000 commitment to Providence Equity Partners VI in 2007
  • $25,000,000 commitment to Providence Equity Partners VII in 2012
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Sorenson Capital

The manager was formed in 2002. At the time of investment, the team had 22 professionals, including investment- and operations-focused professionals. The firm is headquartered in Lehi, UT.

Website: http://www.sorensoncapital.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will pursue buyouts of lower middle-market companies with enterprise values of $30 million to $50 million. Companies will be based predominantly in the Mountain West states of Utah, Idaho, Arizona, New Mexico, Nevada, Wyoming, and Montana. The manager will opportunistically invest in companies located in adjacent states, particularly when the target business operates within a sector in which the firm has previously invested, such as aerospace. $30,000,000 commitment to Sorenson Capital Fund IV in 2014 This investment is part of ERSRI policy allocation of 7% to private equity.

 

Summit Partners

Summit Partners is a global alternative asset investment firm managing investment vehicles focused primarily on growth equity, venture capital and fixed income. Summit Partners was founded in 1984 and at time of last investment, employed more than 90 investment professionals across three offices in Boston, MA, Menlo Park, CA, and London.

Website: http://www.summitpartners.com/

Investment Approach Initial Investment Role in the Portfolio
The funds seek to achieve returns primarily though originating private corporate debt. They may also make opportunistic purchases of syndicated bank loans and high yield bonds when attractive risk-return pricing may be achieved in these markets. While investments may be senior or subordinated, the majority of investments are anticipated to be secured by a first- or second-lien interest in the assets of the borrower and to require the borrower to maintain certain operating Sfinancial covenants.
  • $20,000,000 to Summit Partners Credit Fund in 2011
  • $25,000,000 to Summit Partners Credit Fund II in 2014
This investment is part of ERSRI policy allocation of 7% to private equity.

 

The Carlyle Group

Founded in 1987, the firm is headquartered in Washington, D.C. with offices around the globe. The Asia team's base is in Hong Kong with offices in Beijing, Shanghai, Singapore, Mumbai, Seoul, Sydney, and Jakarta. At the time of investment, the firm had over 1,400 employees, including 650 investment professionals.

Website: http://www.carlyle.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will target investment opportunities based primarily in China, Taiwan, India, South Korea, Southeast Asia, Australia and New Zealand. Although the fund does not have hard allocation targets by geography, investments in Greater China are expected to comprise approximately 50% of the fund. The fund will target five core industries including consumer & retail, telecommunications, media & technology, financial institutions, healthcare, and industrials. $30,000,000 commitment to Carlyle Asia Partners IV in 2014 This investment is part of ERSRI policy allocation of 7% to private equity.

 

The Riverside Company

The manager was formed in 1988. The firm is headquartered in the U.S. with offices on four continents. At the time of the last investment, the firm had more than 200 employees.

Website: https://www.riversidecompany.com/

Investment Approach Initial Investment Role in the Portfolio
RCAF VI and RMCF III both pursue control buyout opportunities of companies located in North America. The funds will invest broadly across industry sectors; however, the firm has developed subsector industry specializations in healthcare, education and training, software and information technology services, and franchising. RCAF VI generally targets small- to middle-market companies with annual operating profit below $25 million, and RMCF III generally targets even smaller micro-cap companies.
  • $20,000,000 commitment to Riverside Capital Appreciation Fund VI in 2013
  • $20,000,000 commitment to Riverside Micro-Cap Fund III in 2014
This investment is part of ERSRI policy allocation of 7% to private equity.

 

Davidson Kempner Capital Management

Founded in 1983, the firm is headquartered in New York, NY with additional offices in London and Hong Kong.

Website: https://www.dkpartners.com/

Investment Approach Initial Investment Role in the Portfolio
The fund uses a fundamental analysis, bottom-up approach to make its investments. It focuses on four investment strategies: merger arbitrage, distressed investments, long/short equity and convertible bonds arbitrage, with a particular focus on distressed investments and merger arbitrage. $60,000,000 to Davidson Kempner Institutional Partners, L.P. in November 2011 This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Ascend Capital

Founded in 1999, Ascend has its headquarters in Orinda, CA.

Website: http://ascendcapital.com/

Investment Approach Initial Investment Role in the Portfolio
Ascend Partners is an opportunistic U.S.-focused long/short equity strategy. The firm's goal is to generate superior risk-adjusted returns that maximize gains and minimize volatility over a broad range of market environments. Ascend utilizes a fundamental investment strategy is robust, scalable and can be a consistent source of alpha for its clients. $50,000,000 to Ascend Partners Fund, LLP, in November 2011. Transferred full balance to Ascend ERSRI Fund LP in July, 2015 This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Elliott Management (EMC)

EMC is a U.S.-based investment advisory firm. EMC and its affiliated companies have been in business since 1977 and have offices in New York, NY, London, Hong Kong and Tokyo. At the time of investment, Elliott had approximately 270 employees worldwide, nearly half of whom were dedicated to portfolio management and analysis.

Website: http://www.elliottmgmt.com

Investment Approach Initial Investment Role in the Portfolio
Elliott employs a multi-strategy trading program that encompasses a broad range of strategies, including, without limitation: performing debt, distressed securities, hedge/arbitrage positions (including event arbitrage, related securities arbitrage, convertible arbitrage, commodities trading and fixed income arbitrage), equity-oriented positions, basis trading, portfolio volatility protection positions, and real estate-related securities positions. $60,000,000 to Elliott Associates, L.P. in November 2011 This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Emerging Sovereign Group

Emerging Sovereign Group (ESG), a global emerging markets investment manager with $5.0 billion of assets under management (as of March 31, 2015), was founded in April 2002 with seed capital from Julian Robertson of Tiger Management. ESG entered into a strategic partnership with The Carlyle Group on July 1, 2011. The ESG Partners, Julian Robertson, and The Carlyle Group are equity owners of ESG. As of March 31, 2015, ESG has a 49-member team across offices in New York, NY and London and manages emerging market macro, long/short equity, and other strategic global macro strategies.

Website: http://www.carlyle.com/our-business/emerging-sovereign-group-llc-esg

Investment Approach Initial Investment Role in the Portfolio
The fund is a long/short global emerging market equity fund that combines rigorous fundamental stock selection with carefully constructed risk management procedures. The fund focuses on emerging market domestic demand investment opportunities, utilizing both single-name longs and shorts. $50,000,000 to ESG Cross Border Equity Fund LP in June 2014 This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Luxor Capital Group

Luxor was founded in 2002 and is based in New York, NY. At the time of investment, Luxor's team consisted of 46 people, including 20 investment professionals

Website: https://www.luxorcap.com

Investment Approach Initial Investment Role in the Portfolio
Luxor employs an opportunistic approach to investing in event-driven strategies across equity and debt securities globally. The manager uses a fundamental approach, often including a credit analysis overlay with respect to its equity investments. The manager limits its use of leverage and engages in security and portfolio hedging. $50,000,000 to Luxor Capital Partners, LP in May 2014. This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Partner Fund Management (PFM)

Partner Fund Management was founded in September 2004. PFM is based in San Francisco, CA and has satellite offices in New York, NY. As of May 2015, the manager had a total of 62 employees, including 20 investment professionals.

Website: https://www.pfmlp.com/

Investment Approach Initial Investment Role in the Portfolio
PFM Diversified Fund is a global long / short equity fund that seeks to exploit thematic core investments offering multi-year secular growth. The investment process utilizes detailed fundamental industry and company analysis across geographies, with a focus on identifying catalysts. Top-down macro and sector views play an important role and help direct capital allocation. $60,000,000 to PFM Diversified Fund LP in March 2012. This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Samlyn Capital

Samlyn Capital was founded in 2007 and is based in New York City. At the time of investment, the manager had 34 employees.

Website: https://www.samlyncapital.com/

Investment Approach Initial Investment Role in the Portfolio
The core investment philosophy of Samlyn Capital is to be value-oriented and rely on bottom-up, fundamental research. The investment objective of Samlyn Capital is to generate superior risk-adjusted returns on a sustainable basis while preserving capital through a global equity long/short strategy. The portfolio is diversified and very liquid. Typically, there are approximately 200 positions (100 longs and 100 shorts) and 90% of the portfolio can be liquidated within ten business days or less (assuming no more than 20% of the average daily trading volume for the prior 20 days). The gross exposure will typically be 150% to 250% of equity. The net exposure has historically ranged between 20% and 40% of equity. $60,000,000 to Samlyn Onshore Fund, L.P. in January 2012. Additional $20,000,000 in January 2014. This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Viking Global Investors

Viking Global Investors was founded in 1999. The firm has offices in Greenwich, CT , New York, NY, London, and Hong Kong.

Website: https://www.vikingglobal.com/

Investment Approach Initial Investment Role in the Portfolio
Viking is an alternative investment manager focused on global equity long/short investing. $60,000,000 to Viking Global Equities Fund LP in November 2011 This investment is part of ERSRI policy allocation of 8% to Global Equity Hedge Funds.

 

Brevan Howard Asset Management

Brevan Howard is a Jersey-based asset management company founded in 2002. At the time of investment, the majority of the firm's 339 employees were located in London and Geneva. The firm maintains a sizeable international presence via offices in Hong Kong, Tel Aviv, Jersey, Washington, DC, and Dublin.

Website: https://www.brevanhoward.com/

Investment Approach Initial Investment Role in the Portfolio
Brevan Howard trades a wide range of asset classes and employs a variety of trading styles. The fund predominantly employs a combination of global macro and relative-value trading strategies in the fixed income and currency markets. Brevan Howard believes that a positive feedback loop exists between these strategies and that extracting economic value is fundamentally a function of effective risk management. By using securities and derivatives with positively skewed returns in different event scenarios and across markets, the fund seeks to generate consistent returns with limited downside. Brevan Howard has also expanded its capabilities in commodities, equities and credit, although the primary focus remains on fixed income and currency markets. $75,000,000 to Brevan Howard LP in November 2011 This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Brigade Capital Management

The manager was founded in 2006. At the time of investment, the firm had 54 employees, including 24 investment professionals. The firm is headquartered in New York, NY with a research office in Zurich.

Website: http://www.brigadecapital.com

Investment Approach Initial Investment Role in the Portfolio
The firm implements the following strategies to meet the fund's objectives: long/short credit, distressed debt investing, capital structure arbitrage, long/short leveraged equities, and structured credit. Allocations among these strategies and the fund's overall net exposure will fluctuate based on spreads, default rates, the economy, and the quantity and quality of ideas that fit the investment process. Over time, the fund may implement new strategies consistent with the focus on credit-centric investments. $50,000,000 to Brigade Leveraged Capital Structures Fund in March 2012. This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Capula Investment Management

The firm is a global fixed-income specialist located in London with affiliated entities in Greenwich, CT, Hong Kong and Tokyo. Co-founded in 2005 by Yan Huo, who serves as managing partner and co-CIO, the firm manages absolute return, enhanced fixed income and tail risk strategies, and advises a European special situations strategy.

Website: http://www.capulaglobal.com

Investment Approach Initial Investment Role in the Portfolio
The Capula Global Relative Value Master Fund focuses primarily on global fixed-income interest rate trading and macro opportunities in G3 markets. The fund invests mainly in government bonds, interest rate swaps and major exchange-traded derivatives, using a combination of relative value and macro strategies. $50,000,000 to Capula Global Relative Fund in December 2011 This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

D.E. Shaw Group

The D.E.Shaw group was founded in 1988. The firm is headquartered in New York with multiple offices globally. At the time of investment, the firm had 1,260 employees, including approximately 300 investment professionals.

Website: http://www.deshaw.com

Investment Approach Initial Investment Role in the Portfolio
D.E.Shaw Composite Fund is a global, multi-strategy fund invested across approximately ten quantitative and qualitative strategies with an overall market-neutral objective. The firm's risk committee allocates capital among these strategies based on a proprietary optimizer. Composite Fund is designed to achieve attractive risk-adjusted returns with low volatility and modest correlation to major asset classes. $50,000,000 to DE Shaw Composite Fund in November 2011 This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Graham Capital Management

The manager was founded in 1994. At the time of investment, the manager employed 188 people, with 91 on the investment side and 97 in operations. The firm is headquartered in Rowayton, CT.

Website: https://www.grahamcapital.com/

Investment Approach Initial Investment Role in the Portfolio
The fund follows a discretionary global macro strategy, utilizing a combination of quantitative and qualitative factors to determine capital allocations across multiple portfolio managers. The goal is to maximize the portfolio Sharpe Ratio while incorporating factors such as portfolio manager performance, downside volatility, correlation and tenure at the firm. $50,000,000 to Graham Global Investment Fund in January 2012. Transferred full balance to Graham Absolute Return Fund in July, 2015. This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Och Ziff Capital Management Group LLC

Founded in 1994, the firm has a global presence with offices in New York, NY (headquarters), London, Hong Kong, Beijing, Shanghai, Dubai and Mumbai. At the time of investment, the firm had 405 employees, including 133 investment professionals.

Website: http://www.ozcap.com/

Investment Approach Initial Investment Role in the Portfolio
The fund seeks to deliver consistent, positive, absolute returns throughout market cycles, with a focus on risk management and capital preservation. The fund's diversified, multi-strategy approach combines global investment strategies, including convertible and derivative arbitrage, corporate credit, long/short equity special situations, merger arbitrage, and structured credit. The fund focuses on investing in value opportunities based on detailed, research-based analysis and thorough due diligence. The funds capital allocations across strategies and geographies change dynamically and opportunistically based on market conditions and opportunities. $75,000,000 to OZ Domestic Partners II Fund in November 2011 This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Winton Capital

The firm was founded in 1997, and is principally located in London, with additional offices in Oxford and Hong Kong. At the time of investment, Winton employed 211 employees.

Website: https://www.wintoncapital.com/

Investment Approach Initial Investment Role in the Portfolio
Winton Futures Fund is a systematic commodity-trading advisor (CTA). The fund trades more than 120 liquid global futures markets across equities, fixed income, currencies, energies and commodities. A highly sophisticated algorithm determines the fund's positions, which are continuously executed throughout each trading day. The strategy is fully systematic and trades are executed with the sole purpose of tracking the model. Winton's approach is primarily directional, with systems sampling thousands of prices daily to identify and profit from momentum opportunities across a broad range of sectors. $30,000,000 to Winton Futures Fund in December 2011 This investment is part of ERSRI policy allocation of 7% to Real Return Hedge Funds.

 

Harvest Fund Advisors

The firm was founded in 2005 and is headquartered in Wayne, PA. At the time of investment, Harvest employed 17 individuals, all of whom were fully dedicated to investments in master limited partnerships (MLPs).

Website: http://www.harvestmlp.com

Investment Approach Initial Investment Role in the Portfolio
Harvest seeks to generate stable, tax-advantaged yield and growth by investing in energy infrastructure assets, including publicly traded MLP securities, publicly traded MLP general partnerships, and publicly traded C-corporation energy infrastructure securities. Harvest's MLP Alpha portfolios typically contain approximately 15-30 core names with 30-75 total positions. $160,000,000 commitment to the Harvest MLP Alpha strategy in December 2014 The investment is part of ERSRI policy allocation of 2% to publicly traded infrastructure/master limited partnerships.

 

Stonepeak Partners

Stonepeak Partners, founded in 2011 and headquartered in New York is an independently-owned private infrastructure investment firm.

Website: http://stonepeakpartners.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in North American middle-market infrastructure, primarily in the following sectors: power generation and utilities, water, energy, communications, and transportation. $50,000,000 commitment to the Stonepeak Infrastructure Fund II LP in September 2015. The investment is part of ERSRI policy allocation of 3% to private infrastructure.

 

I Squared Capital Advisors (ISQ)

The firm was founded in 2012. At time of investment, the firm employed 47 investment professionals, operating partners, senior industry and policy advisors, and joint venture partners. Headquartered in New York, NY, the firm has six offices globally, two in the U.S., one in Europe and three in Asia.

Website: http://www.isquaredcapital.com

Investment Approach Initial Investment Role in the Portfolio
The fund invests and manages infrastructure assets globally, with a focus on North America, Europe and other growth economies in emerging markets within Asia and Latin America. The fund's primary sectors for investment are energy, utilities (water and waste management), and transportation. The majority of the fund's capital will be invested in brownfield assets, with up to 25% in greenfield projects. $50 million commitment to ISQ Global Infrastructure Fund in 2014 The investment is part of ERSRI policy allocation of 3% to private infrastructure.

 

IFM Investors (IFM)

IFM Investors is a leading global fund manager with a strength in infrastructure investments. Established more than 20 years ago and owned by 30 major profit-for-members Australian pension funds, IFM Investors is deeply aligned with the interests of their institutional investors. The head office is in Melbourne, Australia, with additional offices in Sydney, New York, NY, London, Berlin and Tokyo. At the time of investment, the firm had 46 investment professionals dedicated to infrastructure.

Website: http://www.ifminvestors.com

Investment Approach Initial Investment Role in the Portfolio
The Global Infrastructure Fund's strategy seeks to invest in core brownfield infrastructure assets, with a selective approach to greenfield investments. It targets core infrastructure assets with strong market positions, high barriers to entry, limited demand elasticity, long lives and typically an inherent link to inflation. Geographically, it targets assets in North American and European countries with established regulatory environments and strong rule-of-law. $50 million commitment to IFM Global Infrastructure Fund in 2013 The investment is part of ERSRI policy allocation of 3% to private infrastructure.

 

AEW Capital Management

AEW Capital Management, a global investment management firm specializing in real estate, was founded in 1981 and is headquartered in Boston, MA. At the time of investment the firm had 223 employees.

Website: http://www.aew.com/

Investment Approach Initial Investment Role in the Portfolio
Core Property Trustis an open-end, diversified core fund that seeks to invest in best-in-class assets locatedin top tiermarkets in the U.S. The fund places a heavy emphasis on current income, liquidity and strong,long term fundamentals.The fund invests in major U.S. gateway markets with diverse employment bases.
  • $35 million commitment to AEW Core Property Trust in 2008
  • and an additional $25 million commitment in 2013
This investment is part of the 8% ERSRI policy allocation to real estate.

 

Crow Holdings Capital Real Estate

Crow Holdings Capital Real Estate was founded in 1998 as a private real estate investment manager focusing on North America. The firm is majority owned by Crow Family Holdings, the investment office of Trammel Crow and family. Trammel Crow Company has invested in real estate since 1948. At the time of investment, Crow Holdings Capital Real Estate had 50 employees.

Website: http://www.crowholdingscapital.com/

Investment Approach Initial Investment Role in the Portfolio
Crow Holdings Retail Fund is a closed-end, value-add fund that seeks to acquire a diversified portfolio of small neighborhood and community retail properties in the United States. Each retail center will have an initial gross purchase price of $17.5 million or less. Through professional management and financing, and pooling assets into geographic clusters, the fund looks to add value to the assets and generate returns. $25,000,000 commitment to Crow Holdings Retail Fund in 2015 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Exeter Property Group

Exeter Property Group, an institutional investment manager focused exclusively on industrial real estate assets, was founded in 2006 and is headquartered in Plymouth Meeting, PA. At the time of investment, Exeter Property Group had 47 employees.

Website: http://exeterpg.com/

Investment Approach Initial Investment Role in the Portfolio
Fund III is a closed-end value-add fund focusing on big-box warehouse, multi-tenant industrial, and related flex/office properties in the United States, as well as select markets in Canada. The Fund adds value through repositioning, re-leasing, renovation, and operational improvement of existing assets, and through limited development of new assets. $30,000,000 commitment to Exeter Industrial Value Fund III in 2014 This investment is part of the 8% ERSRI policy allocation to real estate.

 

GEM Realty Capital

GEM Realty Capital was formed in 1994 as a real estate investment company and is headquartered in Chicago, IL. At the time of investment, GEM had more than 50 employees.

Website: http://www.gemrc.com/

Investment Approach Initial Investment Role in the Portfolio
Fund V is a closed-end, value-add fund investing solely in the U.S. The fund aims to create value where it identifies dislocations, mispricings, and/or operational inefficiencies across property types and in both debt and equity. The strategy includes purchasing traditional real estate at substantial discounts, providing financing for transitional assets, repositioning, renovating, re-leasing and stabilizing properties. $50,000,000 commitment to GEM Realty Fund V in 2013 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Heitman

Heitman, a global investment management firm specializing in real estate, was founded in 1966 and is based in Chicago, IL. At the time of investment, Heitman had more than 250 employees.

Website: https://www.heitman.com/

Investment Approach Initial Investment Role in the Portfolio
HART is an open-end, diversified core fund that aims to create a high-quality, low-risk portfolio of stabilized, income-producing assets in prime locations. The fund invests in office, apartment, retail, industrial and self-storage properties across the U.S. $60,000,000 commitment to Heitman America Real Estate Trust (HART) in 2013 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Industry Capital

Industry Capital, an institutional investment manager focused on real assets, was founded in 2003 and is headquartered in San Francisco, CA. At the time of investment, the firm had 33 employees.

Website: www.industrycapital.com/

Investment Approach Initial Investment Role in the Portfolio
IC Berkeley Partners III is a closed-end, value-add fund investing in the multi-tenant industrial sector across the U.S. The fund intends to stabilize under-managed or distressed industrial warehouse, distribution and service centers, to aggregate a critical mass of properties within geographic clusters, and to add institutional-quality management. Fund III's target deal size is small, typically $10 million or less, and the tenant base is often composed of small, local and regional businesses.
  • $18,000,000 commitment to IC Berkeley Partners III in 2014
  • Up to $30,000,000 commitment to IC Berkeley Partners IV in 2016, though limited to 15% of the total fund
This investment is part of the 8% ERSRI policy allocation to real estate.

 

JP Morgan Asset Management (JPMAM)

J.P. Morgan Investment Management Inc. (JPMIM), incorporated in the state of Delaware in 1984, is an SEC-registered investment advisor and an indirect wholly owned subsidiary of JPMorgan Chase & Co., a publicly traded corporation that is listed on the New York Stock Exchange. At the time of investment, JPMorgan had 160 real estate professionals.

Website: https://www.jpmorganfunds.com/

Investment Approach Initial Investment Role in the Portfolio
  • JPMCB Strategic Property Fund is an open-end, diversified core fund that seeks to outperform the NFI-ODCE Value Weighted Index through asset, geographic and sector selection and active asset management. The fund invests in high-quality, stabilized assets in the four major property types: office, industrial, multi-family and retail. SPF focuses on the larger primary economic markets within the U.S. and does not invest in non-core sectors such as hospitality, assisted living, self-storage, etc.
  • JPMorgan Alternative Property Fund is a core-plus/value-add fund that is in liquidation. When it was formed, the Fund sought to invest in alternative real estate assets in the U.S. as well as traditional and alternative real estate assets in Canada, Mexico and the Caribbean. The investment types included hotels and resorts, medical office, senior housing and assisted living, self-storage, manufactured housing, for-sale housing, condominiums and land subdivisions, parking facilities, student housing, and biotechnology and laboratory facilities.
  • $50 million commitment to JPMCB Strategic Property Fund (SPF) in 2005 and an additional $25 million commitment in 2013
  • $20 million commitment to JPMorgan Alternative Property Fund (APF) in 2005
This investment is part of the 8% ERSRI policy allocation to real estate.

 

Lone Star Funds

Lone Star is a private equity firm that invests globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized fifteen private equity funds. These funds have been structured as closed-end limited partnerships, and are advised by Lone Star Global Acquisitions, Ltd. (LSGA), an investment adviser registered with the U.S. Securities and Exchange Commission, and its global subsidiaries. Lone Star seeks investment opportunities in opportunistic and value-oriented assets over a broad range of financial instruments and geographic locations. Hudson Advisors LLC and its global subsidiaries has been dedicated to the support of the funds investment activities globally, providing due diligence and analysis, asset management and other support services. At the time of investment, Lone Star and Hudson had a combined total of approximately 940 employees.

Website: http://www.lonestarfunds.com/

Investment Approach Initial Investment Role in the Portfolio
LSREF IV is a closed-end, opportunistic fund that aims to create value where it identifies pricing dislocations. Transactions targeted by LSREF IV include investments in commercial real estate assets, including multi-family, retail, office, industrial, hospitality, senior housing, student housing, and other related assets. LSREF IV will target investments across the Americas, Europe and Japan. $24,260,817 commitment to Lone Star Real Estate Fund IV (LSREF IV) in 2015 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Magna Hospitality Group

A specialist in hotel real estate assets, Magna Hospitality was founded in 1998 and is based in Warwick, RI. At the time of investment, the firm had 23 corporate employees and approximately 1,200 property-level employees.

Website: http://www.magnahospitality.com/

Investment Approach Initial Investment Role in the Portfolio
Fund III is a closed-end, opportunistic fund investing in hotel properties across the U.S. The fund focuses on the development, repositioning and operation of select-service hotels. $4million commitment to Magna Hotel Fund III in 2008 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Morgan Stanley Merchant Banking & Real Estate Investing (MB&REI)

A division of Morgan Stanley, the Merchant Banking & Real Estate Investing group invests capital in direct real estate on behalf of institutional clients. Morgan Stanley began its real estate investment advisory business in 1991 and it is based in New York, NY. At the time of investment, the firm had more than 225 employees dedicated to its U.S. real estate investment business.

Website: http://www.morganstanley.com/what-we-do/investment-management/merchant-banking/global-real-estate/

Investment Approach Initial Investment Role in the Portfolio
Prime Property Fund is an open-end diversified core fund investing in office, retail, residential, hotel, industrial and self-storage assets located primarily in major metropolitan markets and submarkets across the United States. $35,000,000 commitment to the Morgan Stanley Prime Property Fund in 2005 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Prudential Real Estate Investors (PREI)

A division of Prudential Financial, PREI has managed real estate investments for institutional clients since 1970. At the time of investment, PREI had 281 employees.

Website: http://www.prudential.com/prei

Investment Approach Initial Investment Role in the Portfolio
PRISA is an open-end, diversified core fund focusing on generating income through the acquisition of core, well-leased properties across the U.S. PRISA's portfolio includes office, industrial, apartment and retail assets with limited investments in hotel, self-storage and development projects. $50,000,000 commitment to PRISA in 2005 This investment is part of the 8% ERSRI policy allocation to real estate.

 

Waterton Associates

Waterton Associates, a vertically integrated real estate investment firm focused on multi-family and hospitality assets, was founded in 1995 and is headquartered in Chicago, IL. At the time of investment, the firm had more than 550 employees in multiple offices across the US.

Website: http://www.watertonassociates.com/

Investment Approach Initial Investment Role in the Portfolio
Venture XII is a closed-end, value-add fund investing in multi-family properties in the U.S. The Fund seeks to acquire a balanced portfolio of multi-family assets diversified by location and for which the fund can add value through a combination of professional management, correction of deferred maintenance, physical property improvements, and recapitalization. $35,000,000 commitment to Waterton Venture Fund XII in 2014 This investment is part of the 8% ERSRI policy allocation to real estate.

Investment Expenses

The State Investment Commission and Office of the General Treasurer are committed to delivering the strongest possible investment performance for the state’s pension system. An important part of delivering strong performance is ensuring that fees and expenses are kept to appropriate levels. The SIC and Treasury strive to ensure that all investment-related fees and expenses are within industry norms, and fully transparent to the public.

When are expenses reported?

Each of the reports above contain an accounting of both direct and indirect investment expenses and are compiled once per year. Every month an accounting of direct investment expenses is included the report presented to the State Investment Commission.

Additional information and resources regarding investment expenses are available on our Data Portal.

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