Sunday, 2 August 2015
Last updated 2 days ago
Dec 13 2011 | 4:07pm ET
CalPERS has earned a tidy $695 million from its investment in the recently closed GI Partners Fund I.
The California Public Employees’ Retirement System put $500 million into the fund in 2001 as part of a joint initiative between its real estate and private equity programs to invest in technology-related assets. The investment generated a 31% annualized internal rate of return.
“These significant returns are a credit to GI Partners and CalPERS investment professionals’ performance over the past 10 years,” said Joseph Dear, CalPERS CIO, in a statement. “We have a long investing horizon, and the fund’s success is testimony to our commitment to an investment strategy that seeks superior risk-adjusted returns across all asset classes.”
GI Partners is a privately owned firm that invests in operating companies and assets in North America and Western Europe. CalPERS also has commitments of $500 million each to GI Partners Funds II and III, and GI Partners also manages more than $2 billion in assets in CalPERS’ CalEast real estate portfolio.
CalPERS is the nation’s largest public pension fund with approximately $226 billion in market assets.
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…