CalPERS committed more than $5 billion to alternative investment strategies, according to a staff report.
The $446.7 billion California Public Employees' Retirement System, Sacramento, committed $1.3 billion to Ares Capital Europe VI, a direct lending fund managed by Ares Management, and $411 million to a private equity strategy managed by Blackwell Capital Partners.
Pension fund officials also committed $300 million to Valor Equity Partners VI, a growth equity fund, and $254 million to CV Consortio Fund, a private equity vehicle, both managed by Valor Equity Partners. CalPERS committed $300 million to Lux Capital VIII, a multistage venture capital fund managed by Lux Capital Management; $250 million to BIF V Co-Invest, a real asset co-investment vehicle managed by Brookfield Asset Management; $200 million to IFM Global Infrastructure (Co-Invest) I , an infrastructure fund managed by IFM Investors; $200 million to Genstar Capital Partners XI, a middle-market buyout fund; and $200 million to Genstar XI Opportunities Fund I, an associated co-investment.
CalPERS also committed an additional $176 million to venture capital vehicle Forbion Ventures VI Cooperatief U.A. and an additional $17 million to a growth equity vehicle Forbion Growth Opportunities Fund II Cooperatief, both managed by European life sciences venture capital firm Forbion.
The pension fund also committed $150 million to AMZL Fund, a private equity fund, and an additional $68 million to SR One Capital Opportunities Fund I, both private equity funds managed by trans-Atlantic biotech venture capital firm SR One Capital Management. CalPERS committed $150 million to Coalesce Capital Fund I, a private equity fund managed by Coalesce Capital.
Fund officials also committed $150 million to Hg Saturn 3A, $132 million to Hg Genesis 10 A and $53 million to Hg Mercury 4 A, all upper-middle-market buyout funds focused on the software and services industry managed by HgCapital. And the pension fund committed an additional $150 million to DCP C Strategic Partners, a digital real estate fund managed by Digital Colony Management. CalPERS initially committed $1 billion to the Digital Colony fund in 2022.
CalPERS likewise pledged $125 million to buyout fund Bain Capital Insurance Fund, an additional $110 million to private equity strategy NM Pacific, and $100 million to Coefficient Capital Apex Fund I, a venture capital fund managed by Coefficient Capital.
CalPERS committed $75 million to TPG Life Sciences Innovations, a private equity fund focused on novel therapeutics as well as digital health, medical devices, diagnostics and tech-enabled services managed by TPG.
CalPERS also committed $50 million to venture capital fund Bear Coast (Ventures) Fund and $50 million to Bear Coast (CV) Fund, both private vehicles managed by General Catalyst.