Will Princely Idea Get A Warm Reception?
According to the author of a major climate change report in the United Kingdom, HRH Prince Charles, the Prince of Wales, is preparing a new “pension plan for the planet.” Sir Nicholas Stern, author of the Stern Review on the Economics of Climate Change commissioned by the UK Treasury, says Prince Charles is rallying leading— mainly pension funds and insurance companies — from around the globe to contribute to the fight against climate change. The plan would create an international agency to raise funds by selling 15-year rainforest bonds, which would be guaranteed by developed nations. Prince Charles is expected to unveil his formal plans as part of his Rainforests Project by the middle of December.
CalSTRS Boosts Stake In Metro Fund
TheState Teachers’ Retirement System (CalSTRS) has doubled its initial allocation of $300 million in August 2006 to Metro Fund LLC, a joint venture between CalSTRS and New York developer Silverstein Properties. A year ago, Metro purchased 1177 Sixth Avenue in Midtown Manhattan from Paramount Group for more than $1 billion. The additional $300 million will likely not be invested anytime soon, but fund managers are targeting buying opportunities in New York in the second half of 2009 that could generate at least a 13% internal rate of return.