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Alternative Market Briefing

CalPERS approves plan to add up to $20bn to PE investments

Tuesday, March 19, 2019

Bailey McCann, Opalesque New York:

CalPERS has approved a plan that will change how it invests in private equity. Under the new plan, the pension fund will create two new private equity organizations that will hire private equity fund managers to direct investments of up to $20 billion.

One of the organizations will focus on making late-stage direct venture capital investments. The other will use a buy-and-hold strategy to invest directly in established companies.

CalPERS chief investment officer, Ben Meng, wants to increase the pension's exposure to private equity, which has been its best performing asset class over the past ten years.

The next phase of the project will be to find the investment managers who will lead the new private equity organizations. CalPERS investment committee will work with the pension's investment consultants to create a list of potential candidates. From there, the investment committee will announce its final approval. Whether the pension will actually get to that stage remains unclear. There is no timeline established for diligencing managers and Meng has said that CalPERS won't move forward with the plan unless it can come to terms with the managers they choose.

According to local press coverage in the Sacramento Bee, the proposal has given some board members and local stakeholders pause in part becaus......................

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