The $356 billion California Public Employees’ Retirement System proposed a plan to expand its private equity program during its March 18 meeting.
The CalPERS investment committee voted to continue the development of a new private equity business model that will include establishing vehicles to target longer-term private equity investments and late-stage venture capital and growth investments.
CalPERS plans to allocate as much as $20 billion over the next decade to these new funds.
CalPERS currently has approximately $27.64 billion invested in private equity, or 7.8 percent of the total portfolio.
A final approval of the plan will occur at a later date.
