California and Texas pension funds among new investors in startup EV Rivian

Band David Randall

NEW YORK, February 14 (Reuters)Seven state government employee pension funds, including CalPERS, the largest US pension plan, have taken stakes in electric vehicle startup Rivian Automotive Inc. RIVN.O in the quarter that ended Dec. 31, according to securities filings released Monday.

The Texas Teachers’ Retirement System, California Public Employees Retirement System (CalPERS), and Maryland State Retirement and Retirement System were among the seven along with Utah’s pension funds, from Colorado, North Carolina and Wisconsin, according to data from fund tracker WhaleWisdom.

CalPERS, which manages about $492 billion, bought just over 305,000 shares of the company, while the $191 billion Teacher Retirement System of Texas fund took a position of about 33,000 shares in the company. .

The moves illustrate greater risk appetite among U.S. pension funds as they continue to face funding shortfalls despite U.S. stock market gains since the coronavirus pandemic began in 2020. together, the pension plan’s average funded ratio – a measure of assets to liabilities – remains below 75%, according to sovereign investor specialist Global SWF. L8N2U14ZV

Shares of Rivian jumped nearly 10% on Monday after it was revealed last week that several high-profile investors, including billionaire George Soros and hedge fund Tiger Global, added shares in the company last quarter. L1N2UM2QQ

As of Friday’s close, Rivian shares were down 43% for the year to date. At their Monday afternoon price near $64.75, the company’s shares remain 64% below the November 16 high of $179.46, less than a week after the company raised $12 billion. dollars in the biggest IPO of 2021.

The filings, known as 13-fs, are retrospective and do not reveal whether a company has sold or added to its position since late December.

(Reporting by David Randall; Editing by Cynthia Osterman)

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