CalPERS to allocate extra $9bn to private equity

US Limited partner The California Public Employees Retirement System (CalPERS) is considering a new asset mix, which could see it allocate an additional $9bn to private equity.

The changes are part of an interim asset allocation review that were being discussed at the time of going to press, although the investment committee may not vote on the new strategies until June.

The committee could increase CalPERS' alternative investment allocation to 15% in most cases, or $26.8bn of total assets. The investment firm has currently committed 10% of its asset allocation to private equity.

The higher target to private equity would see global equities commitments reduce from the current 56%, in order to keep equity risk at the same level.

Staff would also like to create an opportunistic asset class that would "take advantage of the special situations created by market dislocations", which could take up to 3% of the fund's portfolio, or approximately $5.4bn.

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