Calpers raises PE, VC investments
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Calpers raises PE, VC investments
Sacramento: The biggest U.S. public pension fund, Calper's board voted to let its investment staff increase the asset allocation for private equity and venture capital investments and to reduce its stock holdings. The board of the $183 billion California Public Employees' Retirement System has voted to raise the fund's alternative investment target allocation for private equity and venture capital investments by four percent to 14 percent of its recommended portfolio allocation. "Essentially, it's to accommodate new opportunities and for unfunded commitments," said Brad Pacheco, a spokesman for Calpers, who is also one of the most influential U.S. money managers. Calpers' board reduced the fund's Global Equity target allocation from 56 percent to 49 percent of its portfolio allocation. The target allocation for the fund's cash was increased to from 0 to 2 percent and the target allocation for its fixed income investments was raised from 19 to 20 percent.

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