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.


In Depth

Q&A: George Schultze On His Fund's Unique Approach to Distressed Investing

Apr 16 2015 | 1:01am ET

George Schultze is a managing member of Schultze Asset Management, a long/short...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Minnesota Supreme Court Rejects The Ponzi Scheme Presumption: Lenders Claw Back Some Of Their Own Rights

Apr 17 2015 | 9:23am ET

A recent court ruling in Minnesota has put an end to the Ponzi Scheme Presumption...

 

Editor's Note