Chicago public school teachers’ pension fund allocates $30m to PE funds

Chicago Public School Teachers’ Pension & Retirement Fund has allocated $30m to private equity funds following its 20 June board meeting, according to a report by Pensions & Investments. 

The $12.5bn pension fund has allocated $20m to the Mesirow Private Equity Co-Investment Fund IX managed by Mesirow Financial, having previously committed $20m to Mesirow Private Equity Fund VIII-B in 2021. 

A further $10m was allocated to JLC Infrastructure Fund II, overseen by a partnership between Magic Johnson Enterprises and Loop Capital Partners, following a previous $10m allocation to JLC Infrastructure Fund I in 2019. 

As of 31 March, the fund’s existing allocations to private equity and infrastructure stood at 8.5% and 2.3% respectively, exceeding their targets of 5% and 2%. 

Stocks making the biggest moves premarket: Nike, Trump Media & Technology, Infinera

Global Private Capital Association adds five board members from Cambridge Associates, KKR, Advent

The Global Private Capital Association has added five new board directors from Cambridge Associates, KKR & Co, Patria Investments, Helios Investment Partners and Advent International, as well as Runa Alam, CEO and Partner at Development Partners International as board member emeritus. 

The new board members are: Andrea Auerbach, Head of Global Private Investments and Partner at Cambridge Associates; Gaurav Trehan, Partner, Co-Head of KKR Asia Pacific, Head of Asia Pacific Private Equity, and CEO at KKR India; Alexandre Saigh, CEO & Board Member at Patria Investments; Tope Lawani, Co-Founder and Managing Partner at Helios Investment Partners; and Juan Pablo Zucchini, Managing Partner at Advent International. 

GPCA was founded as the Emerging Markets Private Equity Association in 2004. Its members include fund and institutional investors across private equity, growth equity, venture capital, private credit, real assets, pension plans and sovereign wealth funds. The organisation is supported by its board of directors, leadership councils and management team, according to its website.

Private clients return to ESG funds with new ways to tackle returns

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EU prepares for crypto leap of faith

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Take Five: No Half Measures

A selection of the major stories impacting ESG investors, in five easy pieces. 

Whole-economy transformation was high on the agenda at London Climate Action Week and beyond.

Silent crisis – Among the more significant announcements made at London Climate Action Week (LCAW) was the unveiling of its draft ‘Global Roadmap for a Nature-positive Economy’ by the World Wide Fund for Nature (WWF). Avoiding the nature crisis requires the same whole-economy transformation needed to avert the climate crisis, the conservation organisation contends – and similar tools too, such as sector-specific pathways that plot the path to a sustainable future for governments, companies and investors. Due to be finalised and presented at the biodiversity COP16 in Colombia, the framework focuses on five pillars needed to underpin national plans for the nature-positive transition. While companies and investors are beginning to factor nature-related risks, impacts and opportunities into their decisions – as reflected in updates this week from the Taskforce on Nature-related Financial Disclosures and the UN Principles for Responsible Investment’s (PRI) Spring engagement initiative – their actions are limited by prevailing policies. To transform economies and redirect capital to nature-positive projects, resource-strapped governments need help, especially in the Global South. Speaking at the launch, Mahmoud Mohieldin, UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and UN Climate Change High-Level Champion at COP27, said many are already struggling with the “silent crisis” of unsustainable debt levels. Governments that are already slashing health and education budgets rather than entering restructuring negotiations are not best-placed to realign their finance flows with the Global Biodiversity Framework. For this reason, the WWF’s draft roadmap seeks to provide that technical policy support, but it also expects change among those with the most power to influence, calling for multilateral development banks to “mainstream” nature into their decisions – especially around debt.

Plan to succeed – Transition pathways was a key theme throughout LCAW, in recognition of the work still needed to guide businesses and economies toward credible decarbonisation. The International Sustainability Standards Board (ISSB) confirmed it was assuming oversight of the transition plan disclosure resources developed by the UK’s Transition Plan Taskforce, taking the initiative a step closer to its original remit of establishing a ‘gold standard’ framework to be used across jurisdictions. For good measure, the ISSB also announced closer collaboration with other sustainability standards and reporting bodies, partly to build on its recent commitment to

Small caps need special attention in UK market overhaul

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The Stocks Driving S&P 500 Returns in 2024

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June 28, 2024 Article/Editing: Graphics/Design:

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The Stocks Driving S&P 500 Returns in 2024

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The S&P 500 is sitting at near-record highs, returning 15% year-to-date as of June 26, 2024.

Today, a limited number of stocks are powering the stock market’s rally as investors pour money into companies that are advancing AI technologies. As share prices skyrocket, many wonder if company valuations are overheated—or if they are supported by strong corporate fundamentals.

This graphic shows the top 10 S&P 500 stocks driving stock market returns in 2024, based on data from Goldman Sachs.

Big Tech Stocks Are Fueling Gains

Below, we show the companies making the largest contribution to the S&P 500’s rally:

RankCompanyTickerContribution to S&P 500 Return
YTD as of June 13, 2024 1NvidiaNVDA4.94% 2MicrosoftMSFT1.24% 3AlphabetGOOGL0.97% 4MetaMETA0.84% 5AppleAAPL0.81% 6AmazonAMZN0.72% 7BroadcomAVGO0.62% 8Eli Lilly & Co.LLY0.60% 9Berkshire HathawayBRK.B0.22% 10QUALCOMMQCOM0.21% Total S&P 500 Return YTD 202414.65%

As of June 13, 2024.

Chipmaker Nvidia has driven over a third of S&P 500 returns this year, with its share price soaring 162% year-to-date as of June 13, 2024.

In June, Nvidia became the world’s most valuable firm, commanding an estimated 70% to 95% of the AI chip market. In the latest quarter, revenue surged by threefold compared to a year earlier amid high chip demand. Overall, big tech companies such as Meta, Amazon, and Microsoft made up roughly 45% of its data-center revenue, with Meta running a staggering 350,000 H100 chips to power its AI systems this year alone.

Falling in second is Microsoft, which has invested billions in AI startups including OpenAI and Wayve, a self-driving car firm. Microsoft is a cloud service provider for ChatGPT, the large language model built by OpenAI. As AI demand exceeds capacity, and other business segments see solid growth, Microsoft’s revenue increased 17% year-over-year as of the second quarter of 2024.

Google’s parent, Alphabet, ranks next, followed by Meta and

Deep Dive: US move to T+1 for ETFs will require ‘synchronisation’ from foreign markets

Although several players were expecting the number of failed trades to increase significantly and rapidly post introduction – especially within markets in Europe and Asia Pacific – this has not been the case, said Benjamin O’Dwyer, vice president and ETF global capital markets specialist at State Street SPDR ETFs. Deep Dive: Investors abandoning TIPS on falling inflation ‘misunderstand’ performance drivers He said the firm has not seen a “significant uptick in the rate of fails” and is continuing to process ETF primary creation orders “without complications”. Gerard Walsh, head of …

Half of Henderson EuroTrust shares to roll over to merged Henderson European trust

In a stock exchange notice today (28 June), HNE noted that, as part of the proposals to merge with the Henderson European Focus trust (HEFT) to create the Henderson European trust, investors holding 52.5% of HNE shares will receive new shares in the merged trust. This included shareholders who made no election on the matter. The remainder of shareholders – representing 47.5% of issued shares – opted for a cash option. Henderson European Focus tender offer oversubscribed by more than double HNE explained the cash option is limited in aggregate to 15% of the issued shares, while s…