Pension Pulse

Derek Decloet and Layan Odeh of Bloomberg report the US dollar has lost its shine and that's a problem for pension funds: Treasury Secretary Scott Bessent stepped in to stop the slide in his country’s currency, telling CNBC earlier today: “The US has always had a strong dollar policy.” The Bloomberg Dollar Spot Index rose for the first time in a week. An exception to the greenback’s rally was the loonie, which stayed strong after the Bank of Canada and Federal Reserve both opted to hold rates steady. The Canadian dollar is now at its highest level against the buck since October 2024, which is nice for cross-border shoppers and vacationers — though there are fewer of them these days. A stronger currency is a complicating factor in the Canadian economy. Some export-driven manufacturers prefer a softer loonie. Among other things, it can help cushion the blow of tariffs. Canadian pension funds, stuffed to the rafters with US-dollar assets, also have some decisions to ma...

Valor and QuadReal recently committed to deliver a 10,000 sqm cross-dock logistics hub in South Paris:  Valor Real Estate Partners (“Valor”), Europe’s leading last-mile logistics specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, a 10-acre site, which includes a 6,500 sqm vacant cross-dock property, in Fleury-Mérogis, south of Paris. In line with the JV’s value-add strategy, Valor will undertake a comprehensive ESG-led refurbishment of the existing space and add a 3,500 sqm extension, delivering a state-of-the art, cross-dock logistics hub. Totalling 10,000 sqm, the property will be ideally suited for 3PL, parcel delivery, and distribution occupiers in what is Europe’s dominant e-commerce centre. Specifications will include a 1/109 sqm door ratio, 9-metre clear heights, vehicle yards ranging from 33 to 53 metres, and extensive car and...

The Canadian Press reports  CPP Investments forms real estate joint venture with California-based IRA Capital: The Canada Pension Plan Investment Board has signed a deal to form a joint venture with California-based private equity firm IRA Capital to invest in medical outpatient buildings. CPP Investments has allocated an initial US$143 million of equity capital to the joint venture. It will hold a 47.5 per cent stake. The partners have agreed to acquire an initial portfolio of 24 properties across 11 U.S. states to start. Sophie van Oosterom, managing director and head of real estate at CPP Investments, says the venture will target modern outpatient care facilities in growing U.S. communities. Founded in 2010, IRA Capital specializes in real estate investments with a focus on commercial real estate assets in the U.S.  Last week, CPP investments issued a statement on this deal:  CPP Investments allocates initial US$143 million of ...

Layan Odeh of Bloomberg reports  Ontario Teachers’ reroutes some cash into public markets:  Ontario Teachers’ Pension Plan chief executive Jo Taylor said that the pension is “warehousing” capital in public markets after selling several assets within its private market portfolio last year. The pension plan “sold some private equity assets” and “ our plan is to reinvest that capital ,” Taylor said in an interview with Bloomberg TV in Davos. “We are really just warehousing it until we know where we want to redeploy it.” Ontario Teachers’ struck deals to sell some assets last year, including its stakes in airports in Copenhagen and Brussels, as well as three airports in the United Kingdom. The pension plan also agreed to sell its majority stake in India’s Sahyadri Hospitals Group. The pension plan, which manages $269.6 billion of assets, reduced its exposure to the United States dollar and treasuries in the first quarter of last year, Taylor said, citing the “risk of a def...

Rian Howlett , Karen Friar and Laura Bratton of Yahoo Finance report the Dow, S&P 500 cap volatile week with back-to-back weekly losses: US stocks were mixed on Friday, as Wall Street capped a turbulent week stoked by President Trump's heated pursuit of Greenland , while chipmaker Intel ( INTC ) sank after its earnings disappointment. The Dow Jones Industrial Average ( ^DJI ) retreated roughly 0.6%. The S&P 500 ( ^GSPC ) rose slightly, and the Nasdaq Composite ( ^IXIC ) gained 0.2%. All three major indexes posted back-to-back weekly losses. Intel posted worse-than-expected first quarter guidance late Thursday, raising concerns about its turnaround. The chip giant swung to a quarterly loss as it struggled to meet demand for its server chips used in AI data centers. Shares sank over 16% Friday.t Stocks recorded weekly losses for the second week in a row as the relief that lifted stocks for two straight days of gains wore off. After a rough start to a holiday-shorten...