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Calpers severs ties with Pacific Corporate Group and enlists private equity partners

The California Public Employees’ Retirement System is severing its ties with Pacific Corporate Group as part of the pension fund’s ongoing strategic review of its private equity programme and investment partners.

Aviva Capital, a former joint venture partner with PCG, will continue to manage over USD1bn of invested and committed capital in two emerging markets investment vehicles for Calpers – Global Opportunities Fund 1 and 2 – under an independent investment team, and will be announcing a new name for the company in the near future.

Calpers has also tapped Capital Dynamics to take over management of its Clean Energy & Technology fund, which was launched in 2007 and previously managed by PCG.

"We’re pleased to continue to support the Aviva team and are confident in their capability to succeed as an independent manager," says Calpers chief investment officer Joe Dear. "Aviva has demonstrated an ability to find promising investments in emerging markets and we are excited about the prospect of continuing to build Calpers’ exposure in these regions.” 

Calpers will retain a relationship with a part of the team formerly known as PCG Corporate Partners to manage the remaining investments in the two corporate partner vehicles. Both funds are in the harvest period, and the newly independent team known as KMCP Advisors, based in San Diego, California has been tasked with exiting the remaining investments over the next few years.

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