CalPERS makes $1.35bn in fresh fund commitments

A month after committing $1.1 billion to private equity funds, the $253 billion state pension plan has made a new round of commitments to funds including Advent’s Japanese fund and Bridgepoint’s fourth European fund.

The California Public Employees’ Retirement System has committed $1.35 billion (€875 million) across five private equity funds through its Alternative Investment Management (AIM) Program.

CalPERS committed ¥11.3 billion to Advent Japan Private Equity Fund, a ¥60 billion fund focused on investments in Japan and €300 million to Bridgepoint Europe IV, a European mid-market fund targeting €5 billion. The pension giant also committed €75 million to The Carlyle Group’s second European technology fund; $200 million to The Jordan Company’s Resolute Fund II, which closed on $3.6 billion in January; and $500 million to Riverstone Holdings and Carlyle’s fourth global energy fund, which is targeting $6 billion.

The investments were approved in January 2008, made public this week and follow $1.1 billion in commitments the pension approved in December.

CalPERS increased its AIM allocation target from 6 percent to 10 percent in December 2007. At the conclusion of 2007, CalPERS had 8.1 percent of total assets allocated to AIM, totaling $20.4 billion. In January, total AIM capital calls amounted to $1.25 billion and distributions totaled $266 million.