CalPERS Got Game With Magic Johnson

Mar 3 2008 | 1:03pm ET

The nation’s largest public pension fund has recently committed more than $1 billion to a slew of hedge and private equity funds, including a p.e. partnership involving basketball legend Magic Johnson.

On the hedge fund front, the $248.8 billion California Public Employees’ Retirement System committed a total of $30 million to funds of hedge funds managed by Vision Investment Management, Sparx Group and Europanel Research & Alternative Asset Management. All told, the fund committed $290 million to funds within its risk-managed absolute return strategies program.

The fund has also committed a total of $750 million to private equity funds in its alternative investment management program. Among the investments, CalPERS committed $100 million to Yucaipa Corporate Initiatives Fund II, which will target investments in the manufacturing, logistics, retail and consumer sectors in the U.S. The fund is a joint venture between Los Angeles-based Yucaipa Companies and Johnson’s Johnson Development Company, which is focused on urban revitalization by building movie complexes, restaurants and retail centers in urban communities.


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