Private Equity Program
Since inception in 1990 to December 31, 2011, the Private Equity (PE) Program has generated $20.2 billion in profits for CalPERS. Given the young, weighted-average age of the portfolio (5.9 years) this amount will continue to grow as the portfolio matures.
The Private Equity (PE) Program specializes in private equity investments. With over $45 billion of total exposure to this asset class, CalPERS is one of the largest private equity investors in the world. The PE Program's goal is to perform as "the investor of choice" and leverage marketplace opportunities in order to achieve superior risk-adjusted returns. We accomplish this through three investment components - Partnership, Direct, and Fund-of-Funds.
December 31, 2011, is the latest private equity performance information available. At the end of each quarter, the General Partners report on the value of invested capital. They have up to 120 days to provide Limited Partners with financial data, so there is generally a two-quarter "lag" in performance reporting.
As of December 31, 2011, the PE Program had a total exposure of $45.4 billion. The PE Program has contributed $53.0 billion and received distributions of $38.5 billion and had a remaining reported value of $31.6 billion. Of the $38.5 billion in distributions, $20.2 billion represents realized gains. As the portfolio matures and distributions grow, the Program is becoming self-sustaining.
You can find out more about the PE Program by choosing one of the options below.
Private Equity Program Overview
Review information on the CalPERS Private Equity Program, plus see an overview on the private equity industry.Submit Your Investment Proposal
Use our online service to submit your investment proposal.PE Program Fund Performance
Review performance information on each of the funds in the PE program.Private Equity (PE) Policies
You can review the CalPERS Board of Administration's investment policy that guides the PE Program.Private Equity Industry Dictionary
You'll find helpful definitions of common words and phrases used in the private equity industry.Dated: 03-12-2013
