CalPERS Commits $600M To Buyout Trio

Sep 22 2008 | 1:07pm ET

The California Public Employees Retirement System has committed more than $600 million to a trio of buyout funds.

Specifically, the $220 billion pension plan committed $202 million to Avenue Europe Special Situations to invest in senior secured and unsecured debt of distressed companies across Western Europe, according to an internal memo. Including this commitment, CalPERS has a total of $1.25 billion in net commitments to the Avenue Capital Partners.

CalPERS is also committing $300 million to Carlyle Asia Partners III, which will invest in public and private companies across Asia ex-Japan. The Carlyle Group is looking to raise $3.5 billion for the offering, according to the memo.

In addition, CalPERS is injecting $100 million into the GSO Capital Opportunities Fund, a credit buyout vehicle. GSO Capital Partners, which was acquired by the Blackstone Group earlier this year, is looking to raise $750 million for this offering.

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