Justin Mitchell
Co-investments play a large role in the $246bn pension's 'Collaborative Model,' which seeks to bring more investment activities in-house.
The US's biggest public pension is planning to leverage as much as $80bn of its assets in order to take positions in riskier asset classes.
Fann said private equity has many advantages other investment types lack as the coronavirus crisis plays out.
Stellex was founded in 2014 by two Carlyle veterans and focuses on investments in "underperforming or mismanaged lower and middle-market businesses."
The US pension's chief investment officer said the $17bn fund had enough cash on hand to handle the increased drawdowns.
The increased estimated fees for the Opportunistic Strategies portfolio come amid exactly the type of market dislocation for which the portfolio was partly designed.
CVC Capital Partners VIII is targeting just under $19bn.
The move comes as a wave of activist pressure sweeps up against major LPs.
The $254bn pension will slowly raise the allocation in a series of 'steps' but will not commit to a hard timeline for the process.
The pension's PE consultant says the changes will give it 'expanded' options for partners.
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