GLOBAL - CALPERS to allocate extra $9bn to private equity

The changes are part of an interim asset allocation review that are to be discussed this week, though the investment committee may not vote on the new strategies until June.

The committee could increase CALPERS's alternative investment allocation to 15% in most cases, or $26.8bn of total assets. CALPERS 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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