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Private Equity

6 firms bid to partner on CalPERS’ private equity portfolio

Pension fund also reports 15.7% calendar year return

California Public Employees' Retirement System, Sacramento, received six bids in its search for an outside strategic partner for its private equity program, said Megan White, spokeswoman for the $361.6 billion pension fund, in an email.

The bidders in the RFI are AlpInvest Partners, Hamilton Lane, HarbourVest Partners, Neuberger Berman, BlackRock (BLK) and Goldman Sachs Asset Management. Responses to the search that was launched on Dec. 21 were due Jan. 19. There is no timeline for a selection.

To maintain CalPERS' 8% private equity target allocation, pension fund officials have decided to increase its co-investments, separately managed accounts and secondary investments, the RFI stated.

Separately, the pension fund earned a 15.73% return for the year ended Dec. 31, which was above its 9.03% benchmark. It returned an annualized 7.58% for the three years ended Dec. 31, which was at its benchmark, said Marcie Frost, CalPERS' CEO, at an offsite board meeting on Jan. 16. Further information, including the breakdown by asset classes, is expected to be released in the February board materials, Ms. White wrote.