CalPERS committed $300 million to two private equity funds.
The pension fund committed $150 million each to Carlyle Strategic Partners IV, a buyout fund managed by Carlyle Group, and Clayton Dubilier & Rice Fund X, also a buyout fund.
The Carlyle fund targets distressed companies in Europe and the U.S. The commitment was made using delegated authority of the system’s investment staff in November and was reported in the agenda materials for the pension fund’s Feb. 13 investment committee meeting.
The agenda materials aid the Clayton Dubilier & Rice commitment was made between July 1 and Dec. 31, also using the delegated authority. CalPERS spokeswoman Megan White did not immediately have more precise information as to when the commitment was made.
The $308 billion California Public Employees’ Retirement System, Sacramento, has $25.7 billion in actual private equity investments and another $13 billion in uncalled commitments.