Calpers Gives $1 Billion to Sixth Street for Asset-Based Finance

California Public Employees’ Retirement System committed more than $1 billion to an asset-based finance strategy managed by Sixth Street, according to a person with knowledge of the matter.

Calpers — the largest public pension fund in the US — allocated the funds through a separately managed account overseen by Sixth Street in the second quarter, said the person, who asked not to be identified discussing confidential information.

A spokesperson for Sixth Street declined to comment. A Calpers representative declined to comment.

Sixth Street’s asset-based effort is led by Michael Dryden, who joined as a partner in 2022 from ...