CalPERS approves $3.29bn in commitments

The US public pension committed capital to 11 private equity funds.

Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, United States
AUM: $469.47 billion
Allocation to private equity: 7.6%

California Public Employees’ Retirement System committed $3.29 billion across 11 private equity vehicles, according to the pension’s June 2021 investment committee meeting agenda.

The commitments comprise:

  • $1 billion to Hellman & Friedman Capital Partners X
  • $500 million to Berkshire Fund X
  • $90 million to KKR Pebble Co-Invest
  • $50 million to Onex North Star Co-Invest
  • An additional $200 million to TPG Golden Bear Partners (for a total of $400 million)
  • $147 million to Ares Private Opportunities
  • $100 million to Genstar Capital Partners X
  • $150 million to Genstar Capital Partners X Overage Sidecar
  • $50 million to T-VIII Skopima Co-Invest
  • Up to €750 million to Whitney Global Partners
  • $100 million to TCV Bear Technology Fund

The $469.47 billion public pension has an 8 percent target allocation to private equity that currently stands at 7.6 percent.

As illustrated in the charts below, CalPERS devotes 20.9 percent of its full investment portfolio to alternative assets. The pension has a strong appetite for diversified funds that are North America-focused.

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