CalPERS committed $9.4 billion to private equity and real asset strategies in the second quarter, according to a report to the board.
In the three months ended June 30, the $417.3 billion California Public Employees’ Retirement System, Sacramento, committed $1 billion to Golden Reef Infrastructure Trust, an existing separately managed account run by infrastructure manager QIC.
Staff also committed a total of $990 million, including a $800 million new commitment and $190 million additional commitment, to FSP-Base, a core office an existing separate account managed by Commonwealth Partners.
CalPERS also committed $800 million Silver Lake Partners VI, a buyout fund targeting global large-cap technology firms; €750 million ($888 million) in CVC Capital Partners VIII (A), a European buyout fund; and $750 million to General Atlantic Managed Account, a growth equity strategy.
Further, pension officials committed $700 million to CalEast Solstice, an existing joint venture between CalPERS and GI Partners, and $400 million to TechCore, an existing core real estate venture also with GI Partners investing in technology-related properties such as data centers. Staff also committed $500 million each to Pacific Investment Management Co.’s Distressed Senior Credit Opportunities Fund III; Clayton, Dubilier & Rice Fund XI, a buyout fund; and Harbert Management Corp.’s North American energy strategy, Gulf Pacific Power.
CalPERS also committed $450 million to Pacific Urban Residential’s Pacific Multifamily Investors, an existing separate account that invests in apartments in big cities, and $400 million to BentallGreenOak Institutional Logistics Partners, an existing joint venture investing in industrial properties.
The total sizes of CalPERS separately managed accounts and joint ventures were unavailable.
Additionally, the fund committed €300 million to buyout fund Vitruvian Investment Partnership IV, $300 million to Asia-focused buyout fund KKR Asian Fund IV, and $300 million to an existing partnership with First Washington Realty investing in grocery-anchored shopping centers.
It also committed $250 million to technology-focused buyout fund Francisco Partners VI and $50 million to technology-focused growth equity fund Francisco Partners Agility II and $150 million to Q-Street Capital, formerly known as CalPERS FP VI Co-Investment, a private equity co-investment vehicle with Francisco Partners. CalPERS also committed $250 million to private equity fund Ares Corporate Opportunities Fund VI, managed by Ares Management.
It also committed $95 million to SLP Redwood Co-Invest, a private equity co-investment with Silver Lake and $40 million to a co-investment vehicle with global buyout fund Advent International Global Private Equity IX.