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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
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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
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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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