Calpers Raises Sports Bet With $775 Million for Sixth Street

The California Public Employees’ Retirement System has committed $775 million to the Sixth Street Sports & Live Entertainment Fund, part of a growing number of pension funds and endowments increasing their investment in the booming sector.

Sixth Street has been on a buying spree of sports properties, snapping up stakes in the National Basketball Association’s Boston Celtics and San Antonio Spurs, Major League Baseball’s San Francisco Giants, the National Football League’s New England Patriots, and Bay Football Club of the National Women’s Soccer League. It’s also struck investment deals with Real Madrid and FC Barcelona.