CalPERS made a total of about $14.3 billion in new and follow-on commitments to alternative investment vehicles, a staff report for Monday's investment committee meeting showed.
The $454.8 billion California Public Employees' Retirement System, Sacramento, committed $2 billion to West Street Mezzanine Partners VIII, $600 million to West Street Mezzanine Partners VIII Co-Investment Partners and $500 million for a pro rata co-investment to West Street Mezzanine Partners VIII, all managed by Goldman Sachs Asset Management.
CalPERS also committed $1 billion to DCP C Strategic Partners, a digital real estate fund managed by Digital Colony Management; €650 ($697 million) Permira VIII–2, a buyout fund managed by Permira; and committed $625 million to Veritas Capital Fund VIII, a buyout fund managed by Veritas Capital.
Pension fund officials also committed $500 million each to Antares Credit Opportunities CA LLC–Series 4, a private credit separate account managed by Antares Capital; DigitalBridge Partners II, an infrastructure fund managed by DigitalBridge Group; Stonepeak Infrastructure Fund IV; and Crestline Pacific Co-Investment, a co-investment fund managed by Crestline Investors.
CalPERS committed $450 million to Muir Woods Partners, a private equity fund, and $400 million to WCAS XIV, a buyout fund, both managed by Welsh, Carson, Anderson & Stowe.
Pension fund officials also committed $350 million to Clearlake Capital Partners VII, a private equity fund managed by Clearlake Capital Group; $305 million to Minerva Partners, a co-investment in a buyout of a U.S. health-care company managed by Hellman & Friedman, €300 million ($322 million) to CapVest Equity Partners V, a buyout fund managed by CapVest Partners; and $300 million to Sierra Nevada Investment Partners, an industrial real estate strategy managed by Sierra Nevada Investment Group.
CalPERS committed $200 million to Karakoram Fund C, a fund managed by Karakoram Capital, a firm that invests in distressed assets including in real estate and cryptocurrency.
The pension fund also committed $200 million to Lightspeed Opportunity Fund II, $100 million to Lightspeed Venture Partners Select V, $55 million to Lightspeed Venture Partners XIV–B and $45 million to Lightspeed Venture Partners XIV–A, all venture capital funds managed by Lightspeed Venture Partners.
CalPERS committed $125 million to Butterfly Fund III, a buyout fund managed by Butterfly Equity; €100 million ($107 million) to PSG Europe II, a growth equity fund; $87 million to MDCP Co-Investors (Tango), a private equity co-investment fund managed by Madison Dearborn Partners; and $50 million to Base10 Partners III, an early stage venture capital fund.
CalPERS also made a follow-on commitment of $2.1 billion to Global Retail Investors, a joint venture between the CalPERS and an affiliate of First Washington Realty.
The pension fund also made an additional $750 million commitment to Q Street Capital, a private equity co-investment vehicle and made a new $450 million commitment to Francisco Partners VII, a buyout fund, both managed by Francisco Partners.
CalPERS made a follow-on commitment of $500 million to Ares Senior Direct Lending Fund II, a direct lending fund managed by Ares Management and made an additional $98 million commitment to Fifth Street Properties, a real estate portfolio managed by CommonWealth Partners.
As of March 31, CalPERS had a 13.7% allocation to real assets and 11.5% to private equity; their respective targets are 12% and 8%.