Searches and Hires

CalPERS slates $350 million for private equity

CalPERS committed $350 million to two private equity funds, according to a report for the April 15 investment committee meeting.

The $359.7 billion California Public Employees' Retirement System, Sacramento, committed $250 million to Summit Partners Growth Equity Fund X, a domestic growth equity fund. CalPERS has invested with Summit Partners in the past, including a $50 million commitment to Summit Ventures V in 1997.

CalPERS also committed $100 million to Siris Partners IV, a buyout fund managed by Siris Capital Group. CalPERs has also invested with Siris in the past, including a $50 million commitment to Siris Partners III.

CalPERS has $27.4 billion, or 7.6%, invested in private equity and an 8% target allocation to the asset class.