PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

Public Pension Management and Asset Investment Review Commission (PPMAIRC)

Compendium of Educational Materials

This report by AMAFORE identifies the best investment practices of pension funds globally.

A study of investment performance and funding levels covering 66 state pensions plans.

The purpose of this report is to provide policymakers and stakeholders with a tool to understand the fundamentals of how the public pension fund investment process is structured, and how pension systems allocate assets and set expected rates of return.

A series of short articles discussing the allocation of risk in order to diversity investment portfolios to be resistant to market downturns.

A paper discussing the use of risk factors instead of asset classes to achieve desired investment performance outcomes while limiting downside risk.

An examination of Risk Parity in an environment of rising equity returns.

A high-level view of long-term investment strategy.

This report analyzes governance structures of state pension plans across the U.S. and identifies structural changes that can lead to improved fiduciary and investment performance.

An examination of the relationship between the performance of institutional investment portfolios and the nature of governing boards.

A cross-sectional study analyzing the aggregate performance of active vs. passively managed funds

An article addressing the role of active management in achieving institutional investor performance objectives.

An article examining the adequacy of index-tracking passive investments in providing adequate returns for defined contribution plan participants

This study is intended to demonstrate how hedged equity can enhance traditional asset allocation.

This report by Preqin surveys over 550 private capital firms and 360 hedge funds to compile the most comprehensive fund manager outlook report covering the alternative assets industry.

This paper provides an overview of alternative investments for an institutional asset allocator or overseer of a portfolio containing both traditional and alternative assets.

An examination of the private equity investments of 163 U.S. public pension funds.

Since there is no "formal" market where buyers and sellers of private assets can interact, the ability to originate and/or source deals and transactions is critical to successful investment in these assets. So, where and how are deals to be found?

A guide to private equity generally, defining private equity, a description of origins of the market, and an examination the growth of the private equity industry.

Bain & Company presents their flagship Global Private Equity Report for 2018, complete with a summary of PE activity in 2017, the implications of the flood of capital that was raised for buyouts, and stiff competition pushing up valuations.

This primer on the secondary market examines the industry's recent history and how it might evolve going forward, examining competition, "full" pricing and a perceived supply and demand imbalance.

A study evaluating the performance of private equity investments among 21 state pension systems over a 16-year period from 2002 through 2017.

What does academic research tell us about the PE industry and its effects on companies, workers and the broader economy?

A paper evaluating the economic and financial impact of private equity investments in 19 industries across 48 countries.

A paper exploring the financial distress costs of private equity-backed firms by examining the default likelihood of and restructuring behavior of 2,156 firms that obtained leveraged loan financing between 1997 and 2010.

A study of the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgriss.

Evidence on the performance of private equity using a high quality dataset of fund cash flows that covers 85 percent of capital raised by U.S. buyout funds.

This paper uses quarterly valuations and cash flows to evaluate the entire history of 761 fund investments made by CalPers.

An evaluation of the evidence of the ability of private equity managers to add value above investments in public equity.

This paper examines private equity performance around the globe using four data sets from leading commercial sources.

This paper focuses on analysis of the levels and calculation methodology of management fees, innovations in carried interest models and the distribution waterfall (including catch-up). Deal-by-deal enhancements, i.e., interim clawbacks, carry escrows and guarantees of GP clawback obligations, are also covered.

This paper discusses alignment between the manager and the investors: the size of the GP commitment, successor funds restrictions and management fee offsets.

Results of a study of commodity returns evaluating the diversification value of commodities as a component of investment portfolios.

Real estate markets are buzzing with innovation. A new class of occupier is rethinking the office sector by using technology to provide a broader range of services, more flexibility and a greater sense of place. This outlook report by CBRE explores other industry trends for 2018.

Public Pension Management and Asset Investment Review Commission (PPMAIRC)

Compendium of Educational Materials

Top Services

PA.GOV

Public Pension Management and Asset Investment Review Commission (PPMAIRC)

Compendium of Educational Materials

Global Pension Funds: Best Practices in the Pension Fund Investment Process (AMAFORE PwC Market Research Centre, 2016.

An Examination of State Pension Performance, 2000 to 2017 (Cliffwater, September 12, 2018)

How Do Public Pensions Invest? A Primer (National Institute on Retirement Security, January 2013)

Special Report: Risk Parity (Investment & Pensions Europe, 2011)

Risk Factor Investing, Revealed: Building Balanced Exposure to Rewarded Risks (Currents, Fall 2012 Issue)

Can Risk Parity Withstand Rising Rates? The Benefits of Diversification in a Changing Environment (BlackRock, 2017)

Aberration or Premonition (Baillie Gifford, 2018

Public Pension Governance That Works (Funston Advisory Services, LLC, March 2014)

How Important Are Investment Committees? Evidence from University Endowments (November 2017)

Do Active Funds Perform Better in Down Markets? – New Evidence from Cross-Sectional Study (Paul Merage School of Business, University of California at Irvine, August 2009)

An index isn’t a fiduciary – and six other concerns about the push for passive (Wellington Management, September 2017)

Accepting market returns: Risky business for defined contribution plans? (Wellington Management, February 2017)

Optimizing Asset Allocation: Seeking Portfolio Optimization with Hedged Equity (Swan Global Investments January 31, 2018)

Preqin Fund Manager Outlook: Alternative Assets, H1 2018

Alternative Investments: A Primer for Investment Professionals (CFA Institute Research Foundation, 2018)

American Investment Council (Public Pension Study, May 2018)

The Art of Originating & Sourcing Private Assets (Barings, April 2017)

Private Equity Demystified: An explanatory guide, third edition (ICAEW Corporate Finance Faculty, November, 2014)

Global Private Equity Report 2018 (Bain & Company)

A Primer for Today's Secondary Private Equity Market (Blackstone, 2017)

An Examination of Private Equity Performance among State Pensions (Cliffwater, May 2018)

Understanding PE’s Impact on the economy (EY and the Institute for Private Capital, 2018)

Private Equity in the Global Economy: Evidence on Industry Spillovers (Serdar Aldatmaz and Gregory W. Brown, November 14, 2017)

Private Equity and the Resolution of Financial Distress (Edie Hotchkiss, David C. Smith and Per Stromberg, July 2012)

Private Equity Performance: What do we know? (Robert S. Harris, Tim Jenkinson and Steven N. Kaplan, July 2013)

The Performance of Private Equity (Chris Higson and Rudiger Stucke, March 2, 2012)

How Fair are the Valuations of Private Equity Funds? (Tim Jenkinson, Miguel Sousa, and Rudiger Stucke, February 2013)

The Persistence of PE Performance (The Journal of Performance Measurement, Fall 2017)

What Do Different Commercial Data Sets Tell Us About Private Equity Performance? (Gregory W. Brown, Robert S. Harris, Tim Jenkinson, Steven N. Kaplan and David Robinson, December 21, 2015)

Private Equity Fund Terms Research, Part I: Economics (MJ Hudson LP Unit, 2018)

Private Equity Fund Terms Research, Part II: Alignment (MJ Hudson LP Unit, 2018)

Oil Price Movements and Risks of Energy Investments (Gregory Brown, Raymond Chan, Wendy Y. Hu, and Jian Zhang, Spring 2017)

2018 Global Real Estate Market Outlook (CBRE)

Top Services

PA.GOV