Calpers to hire legal advisers for PE

The public pension fund, with $351bn in assets under management (AUM), is looking for 5-10 law firms for transactional work in several asset classes, including private equity, infrastructure, opportunistic strategies and trust-level portfolio management. It is also searching for legal advice with experience in helping institutional investors sell or purchase secondary fund interests.

The new counsel contracts are due to begin January 2019 and would be five years long. The current contracts expire in December 2018.

The pension scheme is seeking a counsel familiar with the terms, concepts, language and conditions found in typical private equity partnership or limited liability company agreements. The candidate should have also written, reviewed and negotiated such documents on behalf of the general partner and/or a limited partner. However, the ideal candidate should also have experience in hedge funds, credit funds, absolute return funds and a variety of other investment strategies.

Substantial experience in documenting and negotiating a wide variety of co-investment and direct investments is listed among the other requirements.

Calpers has recently announced a new strategy for direct investments in the private equity space. The strategy, called Calpers Direct, consists of two funds: one focusing on late-stage investments, and the other on long-term investments in established companies. The scheme has a current overall exposure of 8% to private equity investments, though it plans to allocate 10% of its portfolio to the asset class.

The pension fund has recently committed $366m to Carlyle Europe Partners V, $415m to Bridgepoint Europe VI, and $600m to Carlyle Partners VII.

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