CalPERS Nets $700M Profit Off PE Investment

Law360, New York (December 13, 2011, 6:34 PM EST) -- The California Public Employees' Retirement System has made a profit of nearly $700 million on a 2001 investment in California private equity firm GI Partners' first fund, it announced Tuesday.

CalPERS, the nation's largest public pension fund, said that it made $695 million on a $500 million investment in GI Partners Fund I, which closed in December 2010 after selling its last asset. CalPERS invested in GI Partners as part of a joint venture between the pension fund giant's real estate and private equity programs....
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