Jenna Gottlieb
Adena Friedman is joining The Carlyle Group, replacing Peter Nachtwey who resigned in December to join Legg Mason.
The $71bn pension system says cuts in fees it pays to investment managers will save it at least $40m over the next five years.
The Economic and Financial Affairs Council has agreed to a text for the Alternative Investment Fund Managers Directive to be put before the European Parliament. A final decision is expected within days.
The $218bn pension won a $50m fee cut from the real estate fund manager. CIM manages $200m of infrastructure commitments on behalf of CalPERS.
After a busy regulatory season in the US, it appears European efforts for reform will pick up speed this fall.
Placement agents that work with California’s public pension funds will be required to register as lobbyists, putting an end to fees based on the success of a fundraising.
The pension’s head of alternative investments, already on administrative leave, has resigned amid an ongoing placement agent investigation.
The pre-2008 trips - arranged by private equity and real estate GPs - related only to firms in which the US pension owned a management stake or on whose LP advisory boards it sat.
A pending state bill that would force placement agents to register as lobbyists would create two sets of registration, reporting and compliance policies.
Alfred Villalobos, the embattled placement agent accused of bribery by California's attorney general, said during a bankruptcy hearing he plans to sue CalPERS for defamation.