The nation's largest pension system considers a new type of alternative investment commitment, Fortune writes.
For big public pensions, it's a chance to put billions of dollars to work in one fell swoop, diversify their alternative investment exposure and receive deeper market insights from asset managers who now arguably view the pension more as a real partner than just another investor. For the PE firms, particularly publicly-listed ones, it's a great way to increase long-term assets under management and make future fundraising a bit easier (albeit at the expense of premium fees).
So it shouldn't be surprising to learn that the country's largest public pension system, CalPERS, is in talks with several large PE firms about forming custom managed accounts. The one name I've heard repeatedly has been KKR, although I wouldn't be surprised if The Carlyle Group and Apollo also were in the mix (given that CalPERS owns minority ownership positions in each firm). No comment from CalPERS or KKR, natch….
More? Go to http://finance.fortune.cnn.com/2011/12/16/calpers-considers-kkr-account/?iid=SF_BN_River
No comments:
Post a Comment