CalPERS invests $3.6 bln in first half of 2019

California Public Employee Retirement System is one of the busiest private equity limited partners in the business.

The system, which had about $376.2 billion in assets as of Aug. 16, completed nine commitments totaling $3.6 billion in the first half of 2019, according to a report presented to the board at its August board meeting by Meketa Investment Group, its private equity investment consultant. Between July 2018 and June 2019, CalPERS made 17 commitments totaling $6.7 billion.

The commitments include:

• $175 million to TCV X, run by Technology Crossover Ventures, a $3 billion growth equity fund focused on the United States, in January;
• $100 million to Siris IV, run by Siris Capital, a $3.45 billion buyout fund focused on the United States, in February;
• $250 million to Summit Partners Growth Equity X, a $4.9 billion growth equity fund based in the United States, also in February;
• $400 million to Trident VIII, run by Stone Point Capital, which has a $5.75 billion target and a $6.5 billion hard cap, a U.S.-focused buyout fund, in March;
• $750 million to Blackstone Capital Partners VIII, a global buyouts fund run by Blackstone that has raised over $22 billion, in March;
• $550 million to Advent GPE IX, run by Advent International, a $17.5 billion buyout fund focused on the United States and Europe, in May;
• $582 million (€520 million) to Permira VII, run by Permira, a Europe-focused buyout fund, in June;
• $250 million to Lindsay Goldberg V, run by Lindsay Goldberg, a U.S.-based buyouts fund targeting $4 billion, in June;
• $500 million to Cerberus CAL III, run by Cerberus Capital Management, in June.

As of June 30, the total value of CalPERS’s private equity portfolio was $26.5 billion, and total exposure of $45.0 billion, or about 7.1 percent of the fund’s total assets.

Action item: read Meketa’s full report here.

Correction: A prior version of this story misreported the amount raised by Blackstone Capital Partners VIII.  That story has been updated.