Private Equity Shakeup: What CalPERS Means for Venture Investors

Private Equity Shakeup: What CalPERS Means for Venture Investors

I’ll just come right out and say it: We saw this coming. CalPERS last month announced that it was exploring changes to its private equity program, including the removal of general partners and making private equity investments directly. As a $300 billion pension fund—among the 10 largest in the world—a move like this by CalPERS, the California Public Employees’ Retirement System, signals big changes coming to the market.

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