Calpers Seeks Outside Help to Run $40 Billion Private Equity

The California Public Employees’ Retirement System, the largest U.S. pension fund, is formally soliciting a partner to help manage its $40 billion private equity portfolio.

The retirement system, which oversees more than $350 billion, sent requests for information in December to a group of asset managers seeking a “strategic partnership” for its private equity portfolio, according to a document released by Calpers. The partnership will work on opportunities for co-investments, funds, separate accounts and other vehicles.

“Calpers desires to create a collaborative partnership where the partner has investment discretion, but works with Calpers PE staff in the development of an ...