CalPERS committed nearly $1 billion to two private equity firms, shows agenda material to be presented to the pension fund’s investment committee on Sept. 19.
The largest commitment by the Sacramento-based $305.7 billion California Public Employees’ Retirement System, $500 million, was made to the Cerberus CP Partners II, “a separate account that is aimed at doing distressed for control,” managed by Cerberus Capital Management, said spokeswoman Rosanna Westmoreland. CalPERS previously committed $600 million to Cerberus CP Partners.
CalPERS also committed €440 million ($491 million) to Permira VI.
Both commitments were made in July by investment staff using delegated authority, which means they do not need investment committee approval before acting.