Deals

Calpers Seeks Help Running Its $40 Billion Private Equity Portfolio

Neuberger, BlackRock are said to be among potential partners
Biggest U.S. pension fund is reviewing ‘strategic options’

The offices of the California Public Employees' Retirement System (Calpers) in Sacramento, Calif.
Photographer: Bloomberg

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By John Gittelsohn and Melissa Mittelman

January 4, 2018 at 12:12 AM UTC

Updated on

January 4, 2018 at 5:54 PM UTC

This article is for subscribers only.

The California Public Employees’ Retirement System, the largest U.S. pension fund, is formally soliciting a partner to help manage its $40 billion private equity portfolio.

The retirement system, which oversees more than $350 billion, sent requests for information in December to a group of asset managers seeking a “strategic partnership” for its private equity portfolio, according to a document released by Calpers. The partnership will work on opportunities for co-investments, funds, separate accounts and other vehicles.