The California Public Employees' Retirement System has committed $75 million to private equity firm Siris Partners. This is the first direct commitment to Siris, who has previously received commitments from CalPERS through the system's emerging manager fund-of-funds.
Siris makes investments in middle-market technology companies in North America, with a focus on data storage and infrastructure, mobile data, smart phone and cloud computing sectors.
The firm is based in New York.
CalPERS invests in new and emerging managers first through a dedicated fund-of-funds vehicle and will then watch those firms for a direct commitment.
“The transition from a fund-of-funds relationship to a direct relationship with CalPERS is the outcome we hope to see with our emerging manager programs,” said CalPERS CIO Ted Eliopoulos in a statement.
Siris recently closed its third fund on $1.8 billion. The firm first brought the fund to market in September of last year.
Siris was founded in 2011 by Frank Baker, Peter Berger and Jeffrey Hendren.