CalPERS To Wind Down Underperforming $1B PE Program

Law360, New York (August 8, 2012, 2:52 PM EDT) -- The investment team for the California Public Employees' Retirement System plans to wind down a $1.04 billion in-state private equity program over the next five years due to unsatisfactory performance, according to a CalPERS meeting agenda released Monday.

The pension fund giant, which has more than $235 billion in assets under management, launched the California private equity initiative in 2001 in an attempt to promote economic development in underserved markets in the state. But the most recent commitment in the program, a $560 million investment with...
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