U.S. private equity firm Arclight Capital Partners LLC, which invests the retirement savings of Maine teachers, NFL football players and Mayo Clinic doctors, lost hundreds of millions of dollars betting on a troubled Caribbean oil refinery, according to sources and documents reviewed by Reuters.
The Atlanta-based investment firm is hoping to manage a piece of China’s $400 billion national pension fund, betting its record of investing ordinary Chinese citizens’ money could help it win the coveted job.
The firm that works closely with the North Dakota State Investment Board to select investment fund managers receives payments from some firms it recommends to the state — an arrangement coming under scrutiny.