CalPERS Names 11 Firms Not Responding on Placement Agents

The $200 billion pension fund has stepped up its oversight on placement agents or pension-fund middlemen.

(February 17, 2010) – The California Public Retirement System (CalPERS) released details on 11 firms that have failed to answer a request for information on their use of placement agents, Reuters reported.

 

Since last year, the biggest US public pension fund, with assets under management totaling more than $200 billion, has been in the spotlight for disclosing that a placement agent collected more than $58 million in fees for representing investment firms at the fund.

 

Documents released earlier this year showed middlemen earned $125 million from private investment funds for arranging deals with CalPERS, causing the fund to pledge an increase in transparency.

 

CalPERS has sought details about placement agents hired by its investment partners, the investments they promoted and the fees they were paid. The fund is backing legislation to regulate middlemen as lobbyists, according to Reuters, which would cause the activities of placement agents to come under heightened scrutiny.

 

The following firms have not responded to CalPERS’ original request for information on placement agents:

 

  • EnerTech Capital
  • Fenway Partners
  • GTCR
  • Information Technology Ventures
  • Markstone Capital
  • Pinnacle Ventures
  • Ripplewood
  • TSG Capital
  • Stark Investments
  • AREA Property Partners
  • Page Mill Advisors


To contact the <em>aiCIO</em> editor of this story: Paula Vasan at <a href='mailto:pvasan@assetinternational.com'>pvasan@assetinternational.com</a>; 646-308-2742

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