The California Public Employees’ Retirement System (CalPERS) disclosed a $75 million commitment to Clearlake Capital Partners V.
The $345 billion US public pension reupped with the California-based opportunistic equity and credit investor after enjoying strong returns in prior Clearlake funds. CalPERS’ commitments of $50 million each to Clearlake Funds III and IV achieved net IRRs of over 40 percent and multiples of 2x and 1.4x, respectively.
CalPERS has a current allocation to private equity of 7.6 percent, slightly below its 8 percent target.
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