CalPERS' Private Equity Program specializes in private equity investments. The strategic objective is to maximize risk-adjusted rates of return and enhance the equity return of the total CalPERS' portfolio. The program currently invests in three ways:
- Direct and co-investments with existing CalPERS general partners
- Direct secondary investments
- Fund of funds (for specific mandates only)
Visit Private Equity Program Fund Performance Review for more information.
Strategies in Portfolio: Buyouts, credit related, venture capital (legacy only), growth/expansion, and opportunistic
Investment Division: Private Equity
Current Allocation Targets: View Asset Allocation & Performance.
Current Portfolio Size: View CalPERS Investment Fund Values.
Investment Proposals: Review Investment Proposal Submission if you're interested in submitting a proposal to the Private Equity Program. The Private Equity Program is not currently seeking investment proposals related to the following funds:
- Venture capital
- Non-control credit
- Agricultural and farming
- Bank-sponsored leveraged buy-outs
- Life settlement
- Movie production
Emerging Manager Program: The Private Equity Program is actively engaged in an Emerging Manager Program. CalPERS investment staff select advisers for the program, and these advisers actively seek emerging manager investment opportunities. View more information on Emerging & Transition Manager Programs, including a list of current emerging manager advisers. You may also submit an investment proposal to CalPERS staff, and if appropriate, staff will refer you to an emerging manager adviser.
- Investment Policy for Private Equity Program (PDF)
- Investment Policy for Restricting Private Equity Investments in Public Sector Outsources (PDF)
View all Investment Policies.
- About the Investment Office
- Business Opportunities
- Emerging & Transition Manager Programs
- Facts at a Glance
- Investment Organization
- Investment Proposal Submission
- Subscribe for Manager Solicitations & News