The Core Fund's performance ranked in the middle in comparison to nine other public pension funds surveyed as of December 2006. A relatively lower allocation to private equity and real estate and underperformance of its domestic equities contributed to this ranking.
In past years, the Investment Board encountered difficulties in the management of private markets investments. It has made organizational, staffing, and procedural changes to address these concerns. Correspondingly, its private markets investments have provided strong returns in recent years.
The Investment Board manages two private markets portfolios with a Wisconsin emphasis. The Wisconsin private debt portfolio is providing solid returns. However, it is too early to assess the long-term success of the Wisconsin private equity portfolio, which was established in 2000.
We appreciate the courtesy and cooperation extended to us by the Investment Board. A response from the Board's Executive Director follows the appendices.
Respectfully submitted,
Janice Mueller
State Auditor
State of Wisconsin
Ethics Board
August 7, 2007
The Honorable, The Senate:
The following lobbyists have been authorized to act on behalf of the organizations set opposite their names.
For more detailed information about these lobbyists and organizations and a complete list of organizations and people authorized to lobby the 2007-2008 session of the legislature, visit the Ethics Board's web site at
http://ethics.state.wi.us/
Hughes, Todd Novo Nordisk Inc.
Landin, Jeffrey G. Wisconsin Paper Council
Also available from the Wisconsin Ethics Board are reports identifying the amount and value of time state agencies have spent to affect legislative action and reports of expenditures for lobbying activities filed by organizations that employ lobbyists.
Sincerely,
R. Roth Judd
Executive Director
__________________
The committee on Labor, Elections and Urban Affairs reports and recommends:
Relating to charges for voter registration data.
No action taken.
Spencer Coggs
Chairperson
__________________
Chief Clerk Marchant, with unanimous consent, asked that the Senate adjourn until Tuesday, August 14, 2007.
Adjourned.
10:41 A.M.
