CalPERS committed $50 million to a co-investment with private equity firm Tailwind Capital Partners, said agenda materials for the pension fund’s May 18 investment committee meeting.
The TCP II Co-Invest B partnership was funded on March 15.
Separately, the Sacramento-based California Public Employees’ Retirement System’s investment committee is being asked to make a decision on just how much cash the $305.3 billion system should keep on hand.
The board is expected to continue its discussion from last month at its May 18 meeting as to whether the pension fund should maintain its current 2% liquidity target, with a range of 1% to 3%, or reduce the liquidity target to 1%, with the option of increasing it by 3 percentage points if needed, said the agenda materials for the meeting. Investment staff proposed the 1% option, saying the pension fund has made progress over the last year managing its cash flows, the materials said. The option to increase liquidity by an additional 3 percentage points will give the retirement system “the flexibility to respond to unforeseen situations,” the materials said.
Establishing the liquidity target at 1% would increase investment returns by 0.02% on a yearly basis.
