The Private Equity Program focuses on leveraging its scale, expertise and long-term orientation to achieve attractive risk-adjusted equity returns by investing across private market strategies globally. Private market investments are typically held over longer-investment horizons with limited liquidity, but in return provide the Total Fund with increased diversification and enhanced returns. The program aims to build long-term partnerships with exceptional investors around the globe and invest in both fund partnerships and co-investments into operating companies. Consistency in capital deployment and strategy are critical to the long-term success of the Private Equity Program. The program currently invests in four ways:
- Private equity limited partnerships ("limited partnerships")
- Direct and co-investments with existing CalPERS general partners
- Direct secondary investments
- Fund of funds (for specific mandates only)
Strategies in the Portfolio: Buyouts, credit-related, venture capital, growth/expansion, and opportunistic.
Visit Private Equity Program Fund Performance Review for more information.
Investment Proposals: Review the Investment Proposal Submission site 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:
- Non-control credit
- Agricultural and farming
- Bank-sponsored leveraged buyouts
- 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. You may also submit an investment proposal to CalPERS staff, and if appropriate, staff will refer you to an emerging manager adviser.
