CalPERS officials are considering creating a private equity fund that would invest in underserved markets and could allow participation by other California-based pension funds and institutions.
The $204.4 billion California Public Employees' Retirement System, Sacramento, has received proposals from outside firms to be part of the system's next California Initiative Program. The first program was started in May 2001 with a $475 million allocation to 10 firms. No decisions have been made on the strategy, structure or size of the new program. Staff and Pension Consulting Alliance are evaluating proposals.
One option under consideration would allow other pension funds to invest in a syndicated pool, with CalPERS as the lead investor, according to a staff memo to the board. Staff will provide more detail at the CalPERS investment committee meeting in August or September.
