The $333.3 billion California Public Employees' Retirement System, Sacramento, committed $500 million to Onex Partners V, a buyout fund being raised by private equity firm Onex Corp.
The commitment was made by investment staff in July using delegated authority, which allows the pension fund's investment staff to bypass the system's investment committee. It was disclosed in agenda materials for the pension fund's Sept. 18 investment committee meeting.
CalPERS had $25.9 billion in private equity investments as of July 31, but it has made more than $13 billion in commitments to funds in which the capital has not yet been called.
