CalPERS Meets Capital Calls It Doesn’t Want

I’ve confirmed widespread speculation that CalPERS has asked its general partners to postpone capital calls until 2009, if possible. But that should not be misinterpreted to mean that the system cannot honor such requests, as evidenced by a recent activity report showing 121 capital calls totaling over $1.06 billion for the month of September. That same report shows just under $140 million in distributions.

Along the same lines, lots of limited partners say that they’re receiving the following voicemail messages from their general partners: “We’re planning to do a capital call next week, but just wanted to make sure that you’ll be able to meet it.” These are mostly courtesy calls for now, but illustrate a growing concern that capital commitments may no longer mean what they once did…