CalPERS makes $2bn commitment to private debt fund

The US public pension has backed West Street Strategic Solutions Fund I.

Institution: California Public Employees’ Retirement System
Headquarters: Sacramento, US
AUM: $419.82 billion
Allocation to alternatives: 19.6%

California Public Employees’ Retirement System has committed $3.85 billion across four private debt vehicles, according to the pension’s November 2020 investment board meeting document.

The commitments comprise $2 billion to West Street Strategic Solutions Fund I; $1.15 billion to TSSP Adjacent Opportunities Partners (open-ended); and $350 million each to Sixth Street Fundamental Strategies Partners and Blackstone Tactical Opportunities Fund III.

The $419.82 US public pension allocates 19.6 percent of its full investment portfolio to alternative investments.

As illustrated below, the pension’s recent private debt commitments have been made to subordinated and distressed debt vehicles focused on investments in North America.

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