CalPERS committed or invested a total of $2.08 billion with four private equity managers, two fixed-income managers and one real estate firm, reports for the investment committee's Aug. 13 meeting show.
The $359.3 billion California Public Employees' Retirement System, Sacramento, committed in June a total of $650 million to two private equity funds managed by TowerBrook Capital Partners: $400 million to TowerBrook Investors V and $250 million to the firm's offshore private equity vehicle, TowerBrook Structured Opportunities Fund II.
CalPERS also committed $600 million to TPG Partners VIII, an upper middle market buyout fund, and $500 million to Blackstone Tactical Opportunities Fund III, an opportunistic private equity fund managed by Blackstone Group.
CalPERS committed $200 million to private equity fund Permira Growth Opportunities I. All are existing relationships.
Pension fund officials invested $15 million for a new global fixed-income strategy managed by Voya.They also added $100 million to an existing high-yield fixed-income mandate managed by Nomura Corporate Research & Asset Management, and $15 million to an existing real estate strategy with Land Management Co. The latter was a transfer of a land and housing property as part of a legacy investment, said Megan White, in an email. She could not provide further details.
Separately, CalPERS investment committee at its upcoming meeting plans to vote on a new private equity investment policy statement that would, among other things, remove direct investments, excluding co-investments, from the staff's oversight; eliminate the number of categories in which the staff has authority to make investments without investment committee approval; and express investment staff delegated authority in dollar terms rather than percentage of assets.
