The California Public Employees’ Retirement System, the USA’s largest pension system, is continuing the overhaul of its private markets investment programme by increasing its focus on co-investments and venture capital according to a report by Buyouts insider.
The California Public Employees’ Retirement System (CalPERS), the USA’s largest pension system, is continuing the overhaul of its private markets investment programme by increasing its focus on co-investments and venture capital according to a report by Buyouts insider.
The report cites Anton Orlich, who heads the $452.6 billion system’s private equity programme, as revealing at investment committee meeting on 20 June that both co-investments and VC could see a sharp increase in allocations.
In the second-half of 2022, CalPERS reportedly allocated half of its total PE commitment – some $4 billion, the highest total ever – to co-investments, with fee-reduction said to be a primary motivation.
According to Orlich, CalPERS also plans on increasing the amount of venture capital commitments in its private equity programme to 10%, up from 1.4% currently.
