Ex-NBA star David Robinson now managing money

"The Admiral' scores $15M investment from state teachers' pension fund

Mar 4, 2012 @ 12:01 am

By Bloomberg News

Admiral Capital Group, a private-equity firm started by former San Antonio Spurs basketball star David Robinson, will be investing $15 million on behalf of the Teacher Retirement System of Texas under the fund's emerging-managers program.

“Our goal is to work with managers to help them grow,” said Stuart Bernstein, director of the program. “The superstars today are not necessarily going to be the superstars 10 to 15 years from now.”

Admiral, which focuses on real estate, has bought five office buildings and hotels in California, Nevada and Texas since 2009.

It is among 80 relatively new investment firms that have received $1.7 billion from the pension fund since 2005, Mr. Bernstein said.

The plan oversees $104.3 billion of assets, and has 1.3 million active and retired members and their dependents.

USAA Real Estate Co. invested $50 million in Admiral in September 2010, becoming a major shareholder in the management firm, Mr. Bernstein said.

An affiliate of United Services Automobile Association, the company owned and managed more than $5 billion in property at the time of its agreement with Admiral.

It provides administrative support for Admiral and advises on investments, Mr. Bernstein said.

Although pension funds typically tie their commitments to past investment performance, Admiral is too new to have an established record, Mr. Bernstein said.

The pension fund agreed to make the capital commitment Feb. 15 at a board meeting.

Daniel Bassichis, 37, an Admiral co-founder, said that neither he nor Mr. Robinson, 46, had a comment on the teacher fund investment.

Terms of the agreement weren't disclosed, Mr. Bernstein said.

Mr. Robinson, a Naval Academy graduate and Olympic gold medalist, played for 14 years with the National Basketball Association's San Antonio franchise, helping to win two championships. Known as the Admiral, he was inducted into the sport's hall of fame in 2009.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Why are most advisers stuck in the trenches?

What are top advisers doing to stand out? Scott Conroy of Carson Group offers some strategies for success.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

Shift to Roth 401(k)s 'highly likely' part of tax reform: former Treasury official Mark Iwry

Mandated contributions to Roth accounts would likely only be partial, as opposed to having a full repeal of pre-tax accounts.

Another thousand Dow points higher, and investors yawn

Market milestones keep falling like dominoes, with 51 records broken so far this year.

LPL retains $570 million with super-OSJ deal

Kansas-based nVision Wealth will come under supervision of Chicago-based IHT Wealth Management.

How does your advisory firm stack up?

Comparing a firm's pay to the competition can point out vast flaws.

10 signs your client is cheating on you

Sure signs that clients may be on the way out the door.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print