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From National Real Estate Investor | A Penton Media Publication August 11, 2008 |
IN THIS ISSUE
Pension Fund Heavyweights See First Losses in Five Years

Q&A: Steve Pumper, Executive Managing Director, Transwestern Commercial Services

Institutional Roundup






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Pension Fund Heavyweights See First Losses in Five Years
By Ben Johnson

Two of the nation’s largest pension funds just closed the books on fiscal 2008, and needless to say they hope for rosier results in the next 12 months.

Both the California Public Employees’ Retirement System, also known as CalPERS, and the California State Teachers’ Retirement System, or CalSTRS, declared losses in the latest fiscal year ended June 30, 2008.

CalPERS, America’s largest pension fund with $239.7 billion in assets under management, declared a 2.4% loss on its investments for fiscal 2008. This marks the end of a healthy four-year run, when the fund benefited from double-digit gains. On a five-year basis, CalPERS racked up an average 11.4% annual return, well above the 7.75% return objectives needed to finance liabilities. It has enjoyed a positive return for 21 out of the last 25 years.Read full story here.


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Q&A


Q&A: Steve Pumper, Executive Managing Director, Transwestern Commercial Services
By Ben Johnson

With transaction volume of $4.7 billion and more than 300 deals closed in 2007, Transwestern Commercial’s Investment Services Group is a major provider of advisory services to institutional and corporate clients on acquisitions, asset sales and corporate finance. Client work covers a variety of property types, including office, industrial, retail, healthcare and multifamily.

Steve Pumper has led the group for the past 10 years, and is a member of Transwestern’s board of directors. He has more than 20 years of commercial real estate experience, including a stint at Insignia/ESG, where he was responsible for institutional business development. He also has served as an officer and vice president of the Real Estate Roundtable, formerly known as the National Realty Committee.Read full story here.


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Roundups


Institutional Roundup
Staff report

NY Fund Garners Gain

Fiscal 2008 was not a bad year for the New York State Common Retirement Fund, particularly since its real estate assets scored an increase of 14.8% in the year ended March 31, 2008.

Overall, seven of the $153.9 billion fund’s eight investment classes saw gains, as it recorded a 2.56% increase in value for the period, according to New York State Comptroller Thomas DiNapoli. Private equity rose 24.8% while stocks, which total 37% of the fund’s investments, dropped 6.4%.Read full story here.


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