CalPERS disclosed nearly $18 billion in private equity, private debt and real assets commitments completed during the third quarter in materials for its upcoming March 17 investment committee meeting.
Within its private debt asset class, the $533.4 billion California Public Employees’ Retirement System, Sacramento, committed a total of $1.5 billion to OHA Senior Private Lending Fund, and a total of $1 billion to OHA CA Customized Credit Fund, a credit special situations fund, and OHA Co-Invest Opportunities Fund, its sidecar co-investment vehicle, all managed by Oak Hill Advisors; an additional $1.1 billion to Ares Capital Europe VI (D) Levered, managed by Ares Management, to which the pension fund originally committed $1.1 billion in 2021; and an additional $300 million to private credit fund Sixth Street Cottonwood Strategic Holdings I, to which the pension fund originally committed $800 million in 2021.
As of Dec. 31, CalPERS’ actual allocation to private debt was 3.6%; its target is 8%.
Within its private equity asset class, CalPERS officials disclosed committing a total of $450 million to venture capital funds managed by SignalFire: $150 million to SignalFire Eureka Fund and $100 million each to SignalFire Early Fund IV, SignalFire Seed Fund V and SignalFire XIR Venture Fund II; $500 million and $295 million to Crosspoint Capital Ventures Fund I and Crosspoint Capital ISB Fund I, respectively, both venture capital funds managed by Crosspoint Capital Partners; $400 million and $250 million to buyout funds Veritas Capital Fund IX and Redwood Lane Capital II, respectively, both managed by Veritas Capital Fund Management; $398 million and $268 million to growth expansion fund Forbion Growth Opportunities Fund III and venture capital fund Forbion Ventures Fund VII, respectively; $366 million, $326 million, $179 million and $104 million to Thrive Capital Partners IX Growth, JSC Capital Partners, Thrive Capital Partners Opportunity Fund and Thrive Capital Partners IX, respectively, all venture capital funds managed by Thrive Capital Management; and $350 million to Trident X U.S. Fund, a buyout fund managed by Stone Point Capital.
Officials also disclosed commitments of $350 million, $100 million and $85 million to venture capital funds B Capital Global Growth IV, B Capital Climate I and B Capital Healthcare II, respectively, all managed by B Capital Group; $300 million each to Berkshire Fund XI, a buyout fund managed by Berkshire Partners; Patient Square Equity Partners II, a buyout fund managed by Patient Square Capital; and Triangle Investment Opportunities II, a buyout fund managed by Triangle Capital Group; $300 million and $100 million to growth equity fund Hanover Opportunities and infrastructure fund GI Data Infrastructure Fund II, respectively, both managed by GI Partners.
Also during the third quarter, CalPERS committed $200 million to TPG Rise Climate II, a private equity fund that pursues buyout, growth equity and late-stage venture capital deals with a focus on carbon reduction and other climate solutions, and $50 million to TPG Rise Climate Global South Initiative, a similar fund focused primarily on opportunities in the global south; $200 million to growth and expansion fund Prysm Capital Fund II-C; $150 million to venture capital fund River City Investments; $109 million to healthcare-focused buyout fund EQT Healthcare Growth (No. 2); and $100 million each to Bain Capital Life Sciences Fund IV, a buyout fund that invests in biopharmaceutical, medical device, diagnostics and life science technology companies primarily in North America and Europe; sustainable infrastructure fund Ember Infrastructure Fund II-B; Generation IM Sustainable Private Equity Fund II (A), a growth and expansion fund managed by Generation Investment Management; and buyout fund TPG GP Solutions (A); $75 million to EII-C SPV, also managed by Ember Infrastructure; and $63 million and $56 million to early stage venture capital fund Balderton Capital IX and growth expansion fund Balderton Capital Growth II, respectively.
CalPERS also disclosed three other new private equity commitments of $62 million to SLP Valor Co-Invest, a co-investment fund managed by Silver Lake; $54 million to Danish climate-focused buyout fund Verdane Idun II (D1), managed by Verdane Capital Advisors; and $20 million to GB Palisade Partners.
CalPERS officials also disclosed follow-on commitments to existing private equity funds: $900 million to BC CLP Investors managed by Bain Capital; $800 million to California Innovation Opportunities, a venture capital fund managed by Andreessen Horowitz; $700 million to Red Admiral Fund, a buyout fund managed by Butterfly Equity; $500 million to Phoenix Bear Partners, managed by TPG; $459 million to Blackwell Capital Partners, a buyout fund managed by Patient Square Capital; $250 million to Three Pillars Secondaries Fund, a secondaries fund managed by Pantheon Ventures; $240 million to 2SP 1; $200 million each to Bear Coast (Ventures) Fund, a venture capital fund managed by General Catalyst; and TCC Opportunities, a Canadian private equity fund managed by TowerBrook Capital Partners; $178 million to co-investment fund Wigeavenmore Co-Investment; $100 million to GSC I, a buyout fund managed by Golden Spruce Capital; $65 million to Coastal Pacific Partners; and $50 million each to ForCal I Invetsment Fund, a venture capital fund managed by Forbion; GreatPoint Opportunity Fund I, a venture capital fund managed by GreatPoint Ventures; and Orchard Park, a secondaries fund managed by Apollo Global Management.
As of Dec. 31, CalPERS’ actual allocation to private equity was 17%, equal to its target.
Within its real assets asset class, CalPERS officials disclosed commitments of $500 million to KKR Global Infrastructure Investors V, an infrastructure fund managed by KKR & Co.; $324 million to Copenhagen Infrastructure V, an infrastructure fund managed by Copenhagen Infrastructure Partners; $310 million to GIP Redwood Co-Investment Fund, an infrastructure co-investment fund managed by Global Infrastructure Partners; and $210 million to KRE Campus Co-Invest, a co-investment fund managed by an unnamed managers.
Also in real assets, CalPERS officials made a follow-on commitment of $500 million to DB SAF C Strategic Partners, a digital infrastructure fund managed by Digital Bridge Group.
As of Dec. 31, CalPERS’ actual allocation to real assets was 13.4%; its target is 15%.
