The California Public Employees’ Retirement System has committed about $900 million across three private equity funds in the second quarter.
The system committed $400 million to both Silver Lake Partners Fund IV and an energy credit separate account with The Blackstone Group's GSO Capital, as well as €75 million to Triton Fund IV, according to presentation documents from the investment committee’s June meeting.
Silver Lake Partners’ fourth vehicle, a 2012 vintage, closed on $10.3 billion in April, Private Equity International reported earlier. The fund closed above its $7.5 billion target, making it the largest private equity fund ever raised for technology-focused investments, PEI reported. Aside from CalPERS, half of the fund’s commitments came from LPs outside the US.
Triton Partners’ fourth fund closed a month later on about €3.3 billion, also well above its €2.4 billion target, PEI previously reported. The Northern European-based firm is implementing a 3 percent GP commitment to the fund, which focuses on mid-market buyout and special situation investments in the German and Nordic-speaking countries, PEI reported.
GSO Capital is the credit-oriented asset management business of The Blackstone Group. The fund that CalPERS committed to is a separately managed account that GSO will use to pursue energy-focused credit opportunities that do not fall into GSO's other energy funds.
The $263.9 billion Sacramento-based system allocates $32 billion or 12 percent of its fund to private equity. Year to date, the fund has generated a 14.3 percent return and private equity return is 10.4 percent, as of 30 April, according to the presentation.