CalPERS committed nearly $1 billion to seven private equity firms. The $217.5 billion California Public Employees' Retirement System, Sacramento, will invest: $400 million in Avenue Asia Special Situations Fund IV, a distressed debt/special situations fund investing in Asia; €250 million ($315 million) in Permira IV, a European buyout fund; $75 million in Carlyle Venture Partners III, a later-stage expansion capital and growth buyout fund; $75 million in Wayzata Opportunities Fund, a distressed debt fund; $60 million in Parish Capital II, an emerging private equity fund of funds; €25 million in Darby Converging Europe Mezzanine Fund, a middle market fund focusing on developing parts of Europe; and $30 million in Alta Partners VIII, a life sciences fund.
In addition, CalPERS invested $100 million each with three managers: Aspect Alternative Fund, for a systematic trading strategy; Black River Commodity Multi-Strategy Fund; and AIS Highbury Fund, a hedge fund of funds that invests in European markets.
Separately, the fund is drafting an RFP for a master servicer for its $685 million member home loan program. Incumbent CitiMortgage's contract expires March 31. Staff will allow the master servicer to directly originate member home loans, which was banned under the existing contract because of conflict of interest concerns. That restriction resulted in only one firm bidding the last time an RFP was issued, a staff memo to the board noted. Countrywide Home Loans and US Bank have expressed interest in bidding on the new RFP, the memo said.