"As sole fiduciary over the pension fund, it is very clear that any investment decision has to be made to benefit pension beneficiaries. Still, it is allowable for a fiduciary, when choosing between two prudent investments, to choose the investment that has collateral benefits. This could be investing with a minority or women-owned firm or investing with an in-state money manager.
In-state money managers
who contribute to Cowell's political campaign fund.
My efforts to increase funds managed by women and minorities while also exercising my fiduciary duty were outlined in question 4 above. And, as noted in question 2 I also initiated the Innovation Fund -- a $232 million slice of the private equity pension portfolio which invests in companies and private equity funds that have a nexus with North Carolina. The returns on these investments are the same market risk-adjusted returns that we expect for every other private equity investment.
We do hope for collateral benefits in terms of leveraging other private equity dollars and increasing the number of jobs in the state.
In return for Janet Cowell campaign contributions
with very little fee transparency.
Given NC's strong universities and competitive industries such as financial services, technology and life sciences, I believe that investing in NC is a prudent fiduciary investment that will benefit pensioners."