#197 CLT, State of NC Pension & PE/VC
#197 CLT, State of NC Pension & PE/VC
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Invest for Charlotte, State of NC Pension & PE/VC
Last night, I attended Invest for Charlotte in Charlotte, NC, an investment conference benefiting the children and families of Charlotte. The conference began many years ago and was once led by the investing legend Julian Robertson. He would bring many of his “Tiger Cubs” to pitch stocks to the CLT ecosystem. Today, the Host Committee continues the tradition and has expanded from stock pitches to private assets. The Charlotte and broader NC investment market continues to grow across these asset classes. We heard from great speakers about their investment strategy in PE/VC & public equities, including the following:
Brad Briner, NC Treasurer-Elect; Former Co-CIO, Willett Advisors
Neal Triplett, President and CEO, DUMAC
Mark Corigliano, Founder, Corigliano Investment Advisers
Liz Weindruch, Managing Director - Diversified Alternative Equity, Barings
Jack Purcell, Managing Partner, Ridgemont Equity Partners
Rachel Hannon, Partner, Summit Park
Langdon Holzman, Managing Partner and Co-Founder, Banbury Private Capital
Eric Wolff, Portfolio Manager, Gumshoe Capital Management
Barnes Hauptfuhrer, Partner & Analyst, Sachem Head Capital Management
State of North Carolina Pension & PE/VC
The keynote speech was delivered by NC Treasurer-Elect Brad Briner. He was previously the Co-CIO at Willett Advisors (Bloomberg Family Office) and led the private investments team at Morgan Creek. Full bio is here.
Brad spoke about his plans for the State of North Carolina Pension ($120b AUM) and their thoughts on investing in PE/VC and other alternative assets. Personally, my mother was a teacher in the state of North Carolina for 30+ years, so she continues to rely on the state pension plan having enough assets to fund its liabilities (payouts to the teachers and other NC public workers).
Here are some highlights from his speech and full plan details below:
NC Cash: Go get some free cash here! I found $18 and donated :)
NC pension plans target returns: 6.5%
NC pension plan returns over the last 5 years: <5% (not good)
Cost of underperforming: >$2 billion each year
Team: hiring a new investment team; if you know anyone please share!
VC: not investing in VC near-term (they are too big and have to publicly disclose)
PE: will take time to consider investment increases there
Credit: excited about private credit, mortgages, and ways to beat their target returns in the near-term
Goal: make NC a top performing pension for the citizens and beneficiaries of NC
Full plan details: you can read more about the plan here. Enjoy!
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