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CalPERS invested $75m in CRG Partners, LP on July 1st, 2007 as initial contribution. CRG Partners, L.P. is a global macro fund managed by Money Management Group. The Fund is a global macro fund that adheres to a philosophy based on capital preservation, consistent absolute returns and generating maximum alpha during periods of market turmoil. CALPERS says the fund trades in very liquid markets that have low transaction costs and 24-hour access. The manager trades these markets using a combined strategy of discretionary trading and quantitative models with a focus on risk management.

CALPERS also made an initial contribution of $75 million to SuttonBrook Capital Partners, L.P. on the same date. SuttonBrook Capital Partners, L.P. (the “Fund”) is a multi-strategy fund with a focus on event driven strategies.

The Fund is divided into four strategies: M&A, relative value, special situations and convertible arbitrage. Event driven strategies comprise more than 80% of the portfolio. The portfolio focuses primarily on opportunities in the US markets. The relative value strategy uses primarily equity securities and targets companies where the manager perceives a valuation gap of more than 30% (underpriced or overpriced). The strategy is dollar neutral at the position level and beta neutral at the portfolio level.

CALPERS has conducted Due Diligence on both funds with assistance from UBSAIS.......................

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