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CalPERS to reduce GP relationships to around 120

19 Dec 2013

california2_sqThe California Public Employees’ Retirement System (CalPERS) plans to reduce the number of GP relationships by 269.

The pension system, which is currently invested in funds managed by 389 GPs, wants to focus on managers with strong long-term performance, senior investment officer Real Desrochers said at a recent meeting, according to the Asian Venture Capital Journal.

Since September 2011, CalPERS has reduced the number of GP relationships to 389 from 398, while the number of funds with CalPERS commitments has dropped to 741 from 762.

Last month it was reported that CalPERS planned to start buying secondary holdings worth $600m per year.

In July this year CalPERS said that its investment returns reached 12.5 per cent in the past 12 months thanks to the strong performance of its private and public equity and real estate arms.

CalPERS CIO Joe Dear has recently returned to work after stepping back from his role and working from home after being diagnosed with prostate cancer earlier this year.

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