CalPERS approved $175 million in three new alternative investments: a $75 million investment to TL Ventures IV, to make privately negotiated equity investments in emerging technology and life sciences; a $25 million investment to Communications Venture Partners IV, to invest in early-stage telecom growth companies; and $75 million to Questor Partners Fund II, to invest in underperforming and distressed companies with revenues between $100 million and $2 billion.
The $145 billion, Sacramento-based California Public Employees' Retirement System previously invested $75 million in TL Ventures Fund III, which has earned an estimated 86% rate of return; $25 million in Media Communications Venture Partners Fund II in 1992; and $50 million in Fund III in 1996. Fund II has earned over a 38% return.
The investments are part of CalPERS' alternative investment management program, which has $6.5 billion in investment commitments and $3.2 billion in investments to date.