CalPERS Invests $50 Million With P.E. Firm Clearlake

Jun 26 2013 | 3:48pm ET

The California Public Employees’ Retirement System has committed $50 million to California-based private equity firm Clearlake Capital.

The commitment to Clearlake was one of only ten that CalPERS made in to private equity firms last year, and one of only four commitments to new managers.

Clearlake was previously part of CalPERS emerging manager program through an investment in a fund-of-funds. The new commitment is a direct investment. The fund, Clearlake Capital Partners III, will make distressed and special situations investments in small and medium-sized companies.

“Clearlake demonstrated through its performance, investment discipline and governance characteristics what CalPERS is looking for in its private equity portfolio,” said Réal Desrochers, CalPERS senior investment officer for private equity. “They are also the perfect illustration of what we hope to achieve with our emerging manager program.”

CalPERS committed $36.7 billion to private equity firms during the two years between 2006 and 2008, approving more than 130 funds. Since then, the fund has drastically reduced its private equity allocations, deploying only $5.2 billion in capital to 23 funds.

CalPERS is the largest public pension fund in the U.S. with approximately $260 billion in assets.

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