California Public Employees' Retirement System, Sacramento, approved commitments of $150 million to Welsh, Carson, Anderson & Stowe VIII, a fund that will invest in health care and information services in the U.S.; and $125 million to Green Equity Investors III, which will invest mainly in West Coast consumer-oriented companies.
The board also is asking alternative investment consultant Pacific Corporate Group to respond to questions about three employee departures and corporate ownership changes at Pacific Corporate. The board wants to know how the changes are likely to affect the $136 billion system's investments.
Also, a CalPERS committee recommended a new selection process for defined contribution plan administration. CalPERS has been acquiring record-keeping and customer service on a plan-by-plan basis. Under the new process, CalPERS would establish a formal alliance with a firm to provide the services for all of the system's DC plans.