Research
Data collection
Asset size, fund structure, asset allocation, targeted investment policy, etc.
- Mapping matrix [Microsoft Excel: 285KB]
Map current landscape
Completed November 2004 on the 53 largest US public sector pension funds. Assessed level of interest and participation in investing in urban revitalization.
- U.S. Public Sector Pension Funds and Urban Revitalization: An overview of policy and programs [PDF: 376KB]
Findings to date
- CalPERS California Case Study A: Private Equity CalPERS' California Initiative [PDF: 1.9MB]
- CalPERS California Case Study B: Equity Real Estate CalPERS' California Urban Real Estate Initiative [PDF: 370KB]
- CalSTRS Case Study: Diversity as an Investment Framework: CalSTRS Targeted Investment Strategy [PDF: 805KB]
- New York City and State Case Study: Pension Funds and Urban Revitalization: Competitive Returns and a Revitalized New York [PDF: 2.8MB]
- MassPRIM Case Study: Massachusetts Pension Reserves Investment Management Board: urban investing through a transparent selection process [PDF: 375KB]
- Investment Vehicles Case Study: Investment intermediaries in economic development: Linking public pension funds to urban revitalization [PDF: 1.3MB]
- Metrics Case Study: More than a profit? Measuring the social and green outcomes of urban investments [PDF: 1.1MB]
Current Public Pension Fund Targeted Investment Policies
- NYCERS ETI Policy [PDF: 986KB]
Publications
- Lisa A. Hagerman, Gordon L. Clark, and Tessa Hebb (2007) Investment Intermediaries in Economic Development: Linking Public Pension Funds to Urban Revitalization. Community Development Investment Review, Federal Reserve Bank of San Francisco, 3(1).
- Anna Steiger, Tessa Hebb, and Lisa Hagerman (2007) The Case for the Community Partner in Economic Development [PDF: 663KB] In, Fabiani, D. and Buss, T. (eds.) Reengineering Community Development for the 21st Century.
- Anna Steiger, Tessa Hebb, and Lisa Hagerman (2007) Linking Investors to Economic Development. Bridges, Community Affairs Department of Federal Reserve Bank of San Francisco Summer 2007.
Adopters
- those with existing policies and/or programs and have shown activity investing in urban revitalization.
| CalPERS |
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| CalSTRS |
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| Massachusetts PRIM | |
| New York State Common |
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| New York City Retirement |
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Potential Adopters
- those that have expressed an interest in urban revitalization policies (often in relation to other existing policies and programs).
| Connecticut Retirement |
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| Indiana Public Employees |
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| Los Angeles County Employees |
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| Oregon Employees |
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| Washington State Board |
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Possible Adopters
- those that have investments in inner city, but do not identify them within the stated goal of urban revitalization.
| Alaska Investment Board |
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| Florida State Board |
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| Illinois State Board |
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| Maryland State Retirement |
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| Pennsylvania Employees |
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| San Francisco City & County |
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| Texas Employees |
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| Texas Teachers |
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| Wisconsin Investment Board |
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Please note: Board information is restricted. Please email Lisa Hagerman to request access.
Patterns learned
- Largest funds: undertaken activity to date
- Smaller funds: potential and possible adopters
- Activity is board driven, usually a champion at this level
- Sometimes a legislative component
- Consultants seen as partners in process
- In-state targeting provides an opening for urban revitalization