CalPERS reported a total of up to $5.5 billion in commitments to private equity, including a combined $2 billion to Blackstone direct lending strategies, according to a staff report for the investment committee.
The Blackstone commitment included $800 million to separately managed account Blackstone Credit Direct Lending Fund-C, with the remainder for co-investments. CalPERS officials declined to provide further information about the commitment.
Other commitments made by the $457.4 billion California Public Employees' Retirement System, Sacramento, were $600 million to a large-cap buyout fund Hellman & Friedman Capital Partners XI; $500 million to buyout fund Clayton, Dubilier & Rice Fund XII; $500 million to Ares Credit Investment Partnership, a co-investment vehicle with manager Ares Management; and $300 million to Timber Coast Private Opportunities, a private equity fund managed by Arlington Capital Partners.
CalPERS also committed up to €400 million ($427 million) to DS Opportunities and €300 million to VIP V, both private equity funds managed by Vitruvian Partners.
CalPERS also committed $200 million to SLP Ace Co-Invest, a private equity fund managed by Silver Lake; up to $200 million to buyout fund Accel-KKR Capital Partners VII; $199 million to GIP IV Gutenberg Co-Invest, a co-investment fund managed by Global Infrastructure Partners; $100 million to MDCP Co-Investors (Vision), a private equity co-investment fund managed by Madison Dearborn Partners; $100 million to private equity fund TPG Golden Bear Partners; and $75 million to Bond III, a global technology focused venture capital fund managed by Bond Capital.