SACRAMENTO, CA – The California Public Employees’ Retirement System’s (CalPERS) has earned a profit of approximately $695 million from its investment in GI Partners Fund I, a 10-year-old fund that closed after selling its last asset.
CalPERS committed $500 million to GI Partners Fund I in 2001 as part of joint initiative between its real estate and private equity programs to invest in technology-related assets. The investment generated a 31 percent net annualized internal rate of return.
“These significant returns are a credit to GI Partners and CalPERS investment professionals’ performance over the past 10 years,” said Joseph Dear (top left photo), CalPERS Chief Investment Officer. “We have a long investing horizon, and the fund’s success is testimony to our commitment to an investment strategy that seeks superior risk-adjusted returns across all asset classes.”
GI Partners is a privately owned firm that invests in operating companies and assets in North America and Western Europe. CalPERS also has commitments of $500 million each to GI Partners Funds II and III, and GI Partners also manages more than $2 billion in assets in CalPERS CalEast real estate portfolio.
“We’re pleased that our investment in GI Partners Fund I has ended with such solid returns,” said Ted Eliopoulos (lower right photo), CalPERS Senior Investment Officer, Real Assets. “These strategic partnerships help us maintain our investment edge in a very competitive environment.”
Contact:
External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Wayne Davis, Information Officer
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