Tuesday, 1 September 2015
Last updated 24 min ago
Mar 15 2007 | 11:31am ET
The California Public Employees’ Retirement System again enjoyed double-digit returns last year, and it has private equity to thank.
The largest pension fund in the U.S. earned 15.4% in 2006 before fees. Its alternative investment management program, which houses its private equity and venture capital investments, was a big part of it, returning 20.9% last year. Its benchmark rose 17.7%.
"We had a very strong fourth quarter of 2006, with an overall portfolio gain of 6% for just those three months," said Charles Valdes, chair of the $230 billion fund's investment committee.
Real estate was also a major piece of CalPERS’ winning puzzle for the year, as it rose 27.6%, compared to 17.6% for its benchmark.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…