From New York Magazine: There’s a key scene in Big where Tom
Hanks wakes up, stumbles out of bed, looks in the mirror, and discovers that
he’s been turned from a 12-year-old boy into a full-grown, powerful man. Something like that happened in the financial world last
week when the California State Teachers Retirement System, a public pension
fund, found itself bossing around Cerberus Capital Management, the mighty New
York private-equity firm. Cerberus, it emerged, owns the company that makes the
Bushmaster semiautomatic rifle used in the Sandy Hook spree (along with other
gun companies). CalSTRS, which has $750 million invested in Cerberus funds,
made it known that it wasn’t happy about this news.
Hours later, Cerberus — whose CEO's father lives in Newtown
— announced that it was putting its firearms holdings up for sale.
It was a rare turn of events in the private-equity business,
which typically sees pensions bowing to buyout shops, not the other way around.
And now….
Don’t stop now. Find
out the rest at http://nymag.com/daily/intelligencer/2012/12/pensions-the-soul-of-private-equity.html
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