CalPERS committed or invested a total of $2.5 billion with six alternative investment managers and one high-yield manager, reports for the investment committee's Feb. 12 meeting show.
The $356.6 billion California Public Employees' Retirement System, Sacramento, committed $750 million to Blackstone Property Partners Europe a real estate fund managed by Blackstone Group, and $600 million to Carlyle Partners VII, Carlyle Group's latest flagship buyout fund. The pension fund also committed a total of €437.5 million ($544.8 million) to two private equity funds managed by Bridgepoint — buyout fund Bridgepoint Europe VI and Wigmore Street VI Co-Investment No. 1. CalPERS spokeswoman Megan White couldn't immediately provide the breakout between the two funds.
Pension fund officials also committed $300 million to growth fund Insight Venture Partners X, an additional $246 million to Gulf Pacific Power, an infrastructure separate account, that is an existing partnership between CalPERS and Harbert Management, $75 million to Valor Equity Partners Fund IV, a growth fund. CalPERS has invested with all of the managers in the past.
Pension fund officials added $30 million to an existing high-yield fixed-income mandate managed by Nomura Corporate Research & Asset Management.
Separately, pension fund officials reported that in closed session in November, the board directed the staff to gather information on developing a direct investment vehicle structure for the CalPERS' private equity program. The action was taken following a discussion on the opportunity and challenges of executing a direct investment vehicle.
