In an effort to reduce costs, CalPERS will look to significantly trim the number of private equity managers with which it currently invests. The latest data show that as of Sept. 30, 2014, the fund had $43.1 billion of total exposure to private equity, across more than 100 managers. The number of managers is said to come down to about 30.
The California Public Employees' Retirement System, Sacramento, has $304.1 billion in assets. The reduction in private equity relationships is part of a broader plan to reduce managers across all asset classes from more than 200 to about 100 overall.
Since inception in 1990 through Sept. 30, investment multiples have ranged from 4.4x for its investment in the Newbridge Asia III fund, to zero for its American River Ventures I holding.
All amounts are in U.S. millions.