Wed, Apr 16, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Texas Teacher pension fund buys $250m stake in hedge fund Bridgewater Associates

Monday, February 20, 2012

From Precy Dumlao, Opalesque Asia – The $100bn Texas Teacher Retirement System and Bridgewater Associates have reached an agreement allowing the Texas pension system to acquire a minimum stake worth $250m in the world’s largest hedge fund run by Ray Dalio, various media reports said.

According to The Journal, the Texas pension’s board on Thursday approved the deal at meeting. The sale to Texas also comes at a time when Dalio was reported to be trying to reduce his ownership in Bridgewater.

The report said Dalio is planning to reduce his stake in the hedge fund firm to about 20% over the next 10 years from the current 60% ownership. It was also revealed that Bridgewater executives have been increasing their shareholdings in the company as part of the implementation of Dalio’s eventual minority position.

A letter released by Bridgewater on Friday told investors that the deal between the hedge fund and Texas Teachers pension system was in line of a "10-year plan to transition Bridgewater from being run by Ray, to being independent of Ray."

However, Bridgewater clarified that Dalio will not be leaving the firm or will change his involvement in the company despite his plan to reduce his stakes.

Ted Melina Raab, a senior legislative agent for the Texas American Federation of Teachers in Austin, Texas, has confirmed that indeed the ......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably