CalPERS Allocates $1.1B To Private Equity Funds

Dec 13 2007 | 1:04pm ET

The nation’s biggest pension fund recently approved committing some $1.1 billion to three private equity vehicles as part of its alternative investment management program.

According to an internal memo, CalPERS approved $1 billion to Apollo Investment Fund VII, which will be the firm’s flagship U.S. and Western Europe buyout fund and will target investments across industries including chemicals, consumer and retail, and financial and business services. Apollo is looking to raise $15 billion for the fund. 

CalPERS is also committing $140 million to the Ares/CalPERS CLO Vehicle, which will invest in senior debt securities in a leveraged vehicle supported by long-term financing.  “The vehicle should benefit from a difficult banking environment taking advantage of the banks need for liquidity after the subprime write-downs and congestion in the LBO market,” according to the memo.

In addition, the fund is committing $25 million to Audax Credit Opportunities Fund, which will invest throughout the capital structure in the middle market and will have the flexibility to invest in numerous debt instruments through all phases of the credit cycle.

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