Kline Hawkes Ranks 3rd Out of 147 CalPERS Funds
California Public Employees’ Retirement System (CalPERS), the United States’ largest pension fund, recently published a report on the performance of all the investments in their Alternative Investment Management Program (AIM). Established in 1990 to maximize “risk adjusted rates of return while enhancing the System’s position as a premier alternative manager,” the program had committed $12.6 billion to 147 Funds as of December 31, 2000.
CalPERS used a number of metrics to assess the performance of each investment and in each assessment Kline Hawkes California, L.P., achieved exceptional results. In the most telling category, “Total Value Multiple” for return on investment, Kline Hawkes ranked third overall returning the pension fund a multiple of 3.87 times their invested capital to date. When measuring compounded annual rates of return, Kline Hawkes ranked 10th, but improved to third once the immature funds, (those in the first four years of life that have more skewed results), were removed. CalPERS also ranked Funds in terms of their investment focus. When measuring Partnerships with a “California Orientated” focus, Kline Hawkes ranked first out of a group of 13 funds.