Investors

The New York attorney general says he will cooperate with AGs in other states to 'shed light on a process that has been perverted'. The wave of subpoenas includes 49 investment firms who allegedly paid unlicensed placement agents for securing public pension capital.

New York’s Attorney General Andrew Cuomo has indicted Saul Meyer for allegedly making illegal payments to Henry Morris in exchange for business with the $122bn New York State Common Retirement Fund. Cuomo said he is actively coordinating with other states’ law enforcement agencies on the investigation.

RREEF bought a 'significant minority' stake in Aldus in 2007, at a time when Aldus founding partner Saul Meyer considered backing out of an arrangement in which his firm was allegedly paying illegal kick-back fees.

LPs must seize current market conditions as a chance to push back on terms and secure better alignment of interests, Joe Dear said at a conference in LA. Fellow panelist Harold Bradley, CIO of the Ewing Marion Kauffman Foundation, lamented 'we are feeding a fee machine'.

As a kick-back scandal involving several public pensions grows in the US, LACERS is the latest pension to draft a disclosure policy for placement agents and other third-party marketers.

The largest pension in the US has charged its staff with creating a disclosure policy for placement agents and their fees after it was revealed that CalPERS has ties to a kick-back scandal involving the New York State Common Retirement Fund.

The San Francisco-based firm has closed its eighth private equity real estate fund, targeting all property sectors in the US.

The Teacher Retirement System of Texas is set to commit up to $2bn in capital to real estate in an effort to close the 6% gap between its actual and target allocations.

The placement agent, co-founded by AVP executives Vicky Schiff and Peter Borges, paid ‘consulting’ fees to the firm run by Henry Morris. Morris is now under investigation as part of the growing kick-back scandal involving the New York State Common Retirement Fund.

The Abu Dhabi investment fund’s annual report reveals it has written down its 7.5% stake in Carlyle’s management company, which would value the private equity firm at roughly $12.7bn.