CalPERS approves $680m in commitments

The US public pension has backed a Europe-based KKR fund and an Asia-based PAG fund.

Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, California
AUM: $347.57bn
Allocation to alternatives: 20.96%
Bitesize: $200-500m

California Public Employees’ Retirement System has agreed to commit $300 million to KKR European Fund V and $380 million to PAG Asia Capital III. The KKR-managed fund opened in 2018 with a target size of €5 billion ($5.66 billion). Capital raised by the fund will be used to make diversified investments throughout Western and Central/Eastern Europe. PAG is also using a diversified strategy for its Asia Capital III fund, which surpassed its $4.5 billion target by raising $6 billion.

The $347.57 billion US public pension has an 8% target allocation to private equity that currently stands at 8.1%

As illustrated in the charts below, CalPERS has allocated 20.96% to alternative assets. The pension has a global appetite for private equity that spans multiple strategies.

Platinum subscribers may click here for the pension’s full profile, including key contacts, allocation strategy and fund investments.