Should CalPERS Outsource its Private Equity Portfolio to BlackRock?

The California Public Employees’ Retirement System (CalPERS) is a bellwether pension investor in private equity, investing in funds, co-investments and separate accounts – even directly into the private equity firms themselves.

CalPERS has contemplated the idea of building an internal private equity direct deal team (not just allocators to managers), similar to what the Canadian pension giants like Ontario Teachers’ Pension Plan (OTPP) and Canada Pension Plan Investment Board (CPPIB) have accomplished. At an offsite meeting, CalPERS debated its in-house capabilities and whether it should pursue a large direct investment strategy. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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