California Public Employees' Retirement System, Sacramento, committed a total of $1.1 billion to three private equity funds in the last two months of 2018, documents from the $351.1 billion pension system show.
During its Dec. 17 meeting, CalPERS agreed to commit $400 million to Grandval II, a separate account managed by growth equity specialist Insight Venture Partners.
At its Nov. 13 meeting, the board agreed to commit up to $380 million to PAG Asia III, an Asia-focused buyout fund; and up to $300 million to KKR European Fund V, a pan-European buyout fund managed by KKR & Co.
CalPERS posted a net return of -3.5% for the year ended Dec. 31.
