California’s two major public pension funds rank among the giants in the world of private equity.
A study by the Private Equity Growth Capital Council showed that CalPERS has more money invested in private equity, $32.3 billion, than any other public pension fund in the United States. The teachers’ pension fund, CalSTRS, ranks No. 2 at $21.9 billion.
The results aren’t particularly surprising, as CalPERS and CalSTRS are the two largest public pension funds in the country.
The private equity council, a trade association based in Washington, D.C., said CalSTRS ranks ninth in profitability of its private equity investments. The teachers’ fund achieved an average of 14.8-percent gains each year for the past decade.
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Private equity consists of investments in companies that aren’t publicly traded.
The survey covered 150 public pension funds.
Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.