The California Public Employees’ Retirement System (CalPERS) has disclosed several commitments to alternative investments, according to meeting materials from the September 19 investment committee meeting.
Real Assets
In the real assets portfolio, $750 million was committed to infrastructure fund, Blackstone Mileway Logistics. CalEast Solstice, a joint venture between CalPERS and GI Partners, was allocated a $400 million commitment. $400 million was also committed to Institutional Logistics Partners, a joint venture between CalPERS and Bentall GreenOak. Lastly within real assets, $750 million was committed to infrastructure fund, IFM Global Infrastructure.
Private Equity
CalPERS committed to two funds managed by Silver Lake Partners. $350 million was committed to Silver Lake Partners VII, and $75 million was committed to co-investment fund, SLP Emblem Co-Invest. Buyout fund, Thoma Bravo XV was awarded a $600 million commitment. $300 million was committed to buyout fund, Arlington Capital Partners VI. $500 million was committed to a buyout fund managed by Rubicon Partners. $750 million was committed to venture capital fund, Bessemer Venture Partners XII Institutional. $35 million was allocated to BVP Forge Institutional, a growth equity fund also managed by Bessemer Venture Partners.
As of June 30, 2022, the $440 billion Retirement System has an actual and target allocation to real assets of 15.8% and 13% respectively. The actual and target allocation to private equity was 12% and 8% respectively.
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