Charles Valdes, a CalPERS board member, received illegal campaign donations, some from affiliates of Alfred Villalobos, head of placement agency ARVCO.
Pension scheme allocation to the asset class has more than halved in the last year, according to the latest survey by the NAPF.
The pension will reduce its commitment to the $6bn fund raised in 2007 by the maximum allowed amount.
South Carolina Retirement System has committed $750m in a ‘strategic partnership’ that will invest alongside and through Apollo funds - a new trend, according to the firm.
Draper Fisher Jurvetson’s 10th fund has lowered its target to $400m from $600m.
Canadian pension plan OMERS is among co-investors in the European venture, which will be led by Tim Flynn, Goldman Sachs’ former European head of leveraged finance.
Pending a review of its policies by Governor-elect Chris Christie, the state will not make any new commitments to its alternative investment programme.
The US pension is the latest to join the government’s programme meant to jumpstart the credit markets, which CalPERS has said it will not join.
The $126bn pension has created a new allocation to house its investments in the US Public Private Investment Programme.
The London-listed fund of funds has seen the valuation of its assets increase by nearly 55% since the end of June.