CalPERS Commits $1.4B To Hedge, Private Equity Funds

Mar 14 2008 | 1:18am ET

The $240 billion California Public Employees’ Retirement System has committed a total of $1.4 billion to five private equity funds and a hedge fund.

Last month, CalPERS committed $500 million to the Riverstone/Carlyle Global Energy & Power Fund IV; $442 million to Bridgepoint Europe IV fund; $200 million to the Resolute Fund II; $106 million to Carlyle Europe Technology Partners II and $100 million to Advent Japan Private Equity Fund.

The Advent Japan Private Equity Fund is the first dedicated vehicle raised by Advent International to invest in Japanese middle-market companies “requiring a high degree of operational change and strategic direction,” according to CalPERS.

The fund also committed $100 million to the Marquee Fund, a multi-strategy hedge fund run by Evnine & Associates.

“The EvA multi-strategy product will utilize ‘learning and forgetting’ algorithms to adjust strategy weights,” according to CalPERS.

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