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.


In Depth

Dillon Eustace: The Advantages of ICAVs

Feb 11 2016 | 7:51pm ET

As the growth of alternative investment vehicles continues, global asset managers...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedging Against Reputational Risk in the 21st Century

Feb 12 2016 | 7:18pm ET

For investors, the first step in researching a new fund or manager is to google...