CalPERS commits $1.1bn to PE

The state pension plan has made commitments to five private equity funds, in line with increased private equity allocation targets.

The $253 billion (€172 billion) California Public Employees’ Retirement System has committed $1.1 billion across five private equity funds through its Alternative Investment Management (AIM) Program.

CalPERS committed $300 million to Oak Hill Capital Partners III, a private equity fund targeting $4.5 billion; $150 million to the Carlyle/CalPERS CLO Vehicle; $100 million to Apollo/Artus Investors 2007-I which will invest in senior debt securities; $100 million to distressed investment fund Green Credit Investors, which held a first close on $414 million in January and is targeting $500 million by mid 2008; and $100 million to Yucaipa Corporate Initiatives Fund II, which is targeting $899 million and will invest in underserved markets across the US.

The investments were approved in December 2007 and were made public in February 2008.

CalPERS increased its AIM allocation target from 6 percent to 10 percent on 17 December 2007. At the conclusion of 2007, CalPERS had 8.1 percent of total assets allocated to AIM totaling $20.4 billion. In December alone, total AIM capital calls amounted to $713 million and distributions totaled $302 million.