CalPERS announces new direct investment program

The US biggest public pension fund to grow its direct investments with a new approach.

California Public Employees’ Retirement System (CalPERS) unveiled a new business model plan for its direct private equity investments.

With the new model, CalPERS Direct will be set up and governed by the independent board to advise on the investment allocation and longer-term capital market perspectives.

Within CalPERS Direct, it will manage two separate funds where one is focused on late-stage investments in technology, life sciences and healthcare, where the other on long-term investments in established companies.

The plan is expected to launch in the first half of 2019, after the review and approval by the Board.

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