CalPERS Makes PE Program Changes

October 11, 2010 ( – The California Public Employees' Retirement System (CalPERS) is severing its ties with Pacific Corporate Group (PCG) as part of an ongoing strategic review of the pension fund's private equity program and investment partners.  
A CalPERS news release said Aviva Capital LLC, a former joint venture partner with PCG, will continue to manage more than $1 billion of invested and committed capital in two emerging markets investment vehicles for CalPERS – Global Opportunities Fund 1 and 2 – under an independent investment team, and will be announcing a new name for the company in the near future.

CalPERS also has tapped Capital Dynamics to take over management of its Clean Energy & Technology fund, which was launched in 2007 and previously managed by PCG.  The pension fund exercised “no fault rights” and enlisted Capital Dynamics to step in and manage the Clean Energy & Technology Fund, a $480 million vehicle composed of partnerships and co-investments in the “clean tech” sector, CalPERS said.  Capital Dynamics will receive no new allocation in the Clean Energy & Technology fund, but may make follow-on investments from uncommitted capital.  

CalPERS will retain a relationship with a part of the team formerly known as PCG Corporate Partners to manage the remaining investments in the two Corporate Partner vehicles, the fund said