<italic>LP intelligence from PrivateEquityOnline and PrivateEquityConnect</italic>

<italic>LP intelligence from PrivateEquityOnline and PrivateEquityConnect</italic> 2009-11-01 Staff Writer <strong>ALLOCATION CHANGES</strong><br> <bold>Shell Pension Fund UK</bold> is considering a new 5 percent allocation to alternative assets. This will cover hed

Shell Pension Fund UK is considering a new 5 percent allocation to alternative assets. This will cover hedge funds, infrastructure and commodities, and will be in addition to the 5 percent currently allocated to private equity assets.

Guardian Life Insurance Company of America has revealed its annual private equity commitments. The insurance company is expected to commit about $200 million annually in private equity funds.

Grove Street Advisors may commit up to half a billion dollars to private equity funds. The California advisory firm is aiming for new commitments ranging from $400 million to $500 million.

London Pension Fund Authority is looking to invest further in private equity and infrastructure. It intends to invest up to 7 percent of the pension's assets.

New Zealand Superannuation Fund has broadened its private equity investment mandate to include managers investing in smaller companies in New Zealand. Investments made by underlying funds will primarily support the expansion of companies through strategic acquisitions, technology upgrades or market expansion.

Government of Singapore Investment Corporation (GIC) has reduced its exposure to public equities while increasing its stake in private equity. It has lifted its private equity exposure from 8 percent to 11 percent.

Aviva has appointed Mark Hodges as CEO for the UK. Igal Mayer will be the next CEO of North America, following the retirement of Tom Godlasky. Robin Spencer will assume the position of chief risk officer and member of Aviva's executive committee. These changes will take effect from 1st January 2010. Aviva is also due to appoint a new chief financial officer with Philip Scott retiring from his office later this year.

North Carolina State Treasury has announced that CIO Patricia Gerrick was fired from her position. Although no reason was stipulated, local television station WRAL-TV highlighted that she has taken free trips to see fund managers. This is a follow up from a previous news story that Patricia Gerrick had resigned from her job.

Ontario Municipal Employees Retirement System has appointed Mark Redman as senior managing director for Europe. Redman comes from 3i, where he was responsible for midmarket buyout investments across Europe. At OMERS, Redman will be responsible for direct investments in Europe.

Los Angeles Fire & Police Pension System is looking to hire a replacement for adviser Aldus Equity. It also intends to switch from a duo consultant model to a single one. Candidates for the position are Ennis Knupp, New England Pension Consulting, Cliffwater, Macquarie Funds Management, Portfolio Advisors, StepStone Group, Credit Suisse, Hamilton Lane and Wilshire Associates.

Pennsylvania Public School Employees' Retirement System has made its first private equity-related commitment in 2009, investing $250 million in a Bain Capital-affiliated credit fund. The Sankaty Middle Market Opportunities Fund is seeking a target of $750 million, which will be used to invest in mid-market debt, including mezzanine loans.

Oregon State Treasury has committed $400 million to fund manager Lone Star. $300 million was committed to Lone Star Real Estate Fund II and $100 million was invested in Lone Star Fund VII.

European Bank for Reconstruction & Development is close to committing €10 million to Eurasia Capital Partners. The fund is targeting Turkish companies in a variety of sectors including consumer goods, logistics, telecoms, technology and healthcare. This commitment is part of EBRD's scheme to increase the level of private equity financing in Turkey.

Washington State Investment Board has committed $400 million to two Oaktree Capital funds. The $64.6 billion pension made commitments of $250 million to Oaktree Opportunities Fund VIII and up to $150 million to Oaktree Principle Fund V.

California State Teachers' Retirement System has revealed commitments of $350 million to private equity in Q2 2009. CalSTRS has committed $80 million to TA Associates XI, $20 million to TA Subordinated Debt Fund III, $50 million to Yucaipa Corporate Initiatives Fund II and $100 million each to Energy Capital Partners II and Hellman & Friedman VII.

Houston Fire. ghters' Retirement Fund is finalising a $20 million commitment to Blackstone's sixth global buyout fund, which is targeting between $15 billion and $20 billion and has collected at least $8 billion. The pension is still negotiating aspects of the limited partner agreement, according to Chris Gonzales, chief investment officer with the Houston Firefighters' pension.

1Malaysia Development Berhad, the sovereign wealth fund launched this year by the Government of Malaysia to co-invest in alternative assets, has formed a $2.5 billion joint venture to target Malaysia with Saudi investment house, PetroSaudi International.

Leo de Bever, who leads the C$70 billion

Alberta Investment Management Corporation, is building an investment team to make direct private equity investments, moving away from the traditional model of investing with external managers.

The Stanford Management Company is looking to sell up to $1 billion of its private equity portfolio on the secondaries market to “rebalance the portfolio” and “improve liquidity”, according to president and chief executive officer John Powers.